By the end of 2025, Kazakhstan’s stock market is showing mixed signals. Share prices have come under pressure, market capitalization has declined, and the KASE Index moved lower. At the same time, trading activity has increased, the number of investors continues to grow, and the bond market – especially government securities – is gaining strength, DKNews.kz reports.
Stock market capitalization falls on blue-chip pressure
In November 2025, stock market capitalization declined by 3.0% and stood at 38.4 trillion tenge as of December 1. Despite the monthly drop, the market remains up 16.7% since the beginning of the year.
The decline was largely driven by falling prices of key stocks included in the KASE Index representative list:
- Kazatomprom shares fell by 7.5%
- Halyk Bank shares dropped by 8.6%
Given the heavy weight of these companies in the index, their correction had a noticeable impact on overall market capitalization.
KASE Index pulls back after strong growth
In November, the KASE Index fell by 4.4% to 6,818.9 points. However, since the start of 2025, the index is still up by a solid 22.2%.
This dynamic suggests a classic market correction after a prolonged rally rather than a sign of structural weakness.
Equity trading volume jumps sharply
Despite the decline in prices, investor activity increased. Trading volume in equities surged 2.2 times month-on-month, reaching 52.6 billion tenge in November.
The main driver was a sharp increase in trading of Halyk Bank shares, as investors actively responded to price volatility.
76 issuers represented on KASE
As of December 1, 2025, KASE trading lists included 89 share issues from 76 issuers. Shares of two issuers were traded in the “Non-listed securities” sector.
This reflects a relatively diversified market, although liquidity remains concentrated in a small number of major stocks.
KASE Global sees lower activity
The KASE Global sector, which provides access to foreign securities, included 47 stocks and 21 ETFs from 59 foreign issuers as of early December.
However, trading volume in this segment declined by 37.6% in November to 22.6 billion tenge. The drop was mainly due to lower trading activity in shares of Intel, Tesla, AMD, Apple, and Mirae Asset Global Investments.
This trend reflects cautious sentiment toward global equities amid ongoing international market volatility.
Corporate bond market expands sharply
The volume of corporate debt traded on KASE increased by 2.1 trillion tenge, or 14.8%, in November, reaching 16.4 trillion tenge. Since the beginning of the year, growth has amounted to 19.5%.
The expansion was primarily driven by the inclusion of international bonds issued by the International Development Association in KASE’s official list.
But bond trading activity cools
At the same time, trading volume in corporate bonds declined by 18.5% month-on-month to 537.6 billion tenge, mainly due to lower activity in the primary market.
In November, primary placements of corporate bonds totaled 264.9 billion tenge, down 51.7% compared to October.
As of December 1, KASE listed 665 corporate bond issues from 148 issuers.
Government securities regain investor interest
Government debt traded on KASE increased by 1.7% in November to 31.2 trillion tenge, with year-to-date growth of 13.5%.
Total trading volume in government securities jumped by 28.1% in November, reaching 767.7 billion tenge.
On the primary market:
- Kazakhstan’s Ministry of Finance raised 568.1 billion tenge through 10 bond issues with yields to maturity ranging from 16.58% to 17.13%
- Regional administrations and the city of Shymkent raised 16.2 billion tenge under government programs
High yields continue to make government bonds one of the most attractive instruments for investors.
Collective investment funds see slight decline
As of December 1, 2025, Kazakhstan had 57 mutual investment funds, including 24 interval funds, 32 closed-end funds, and one open-end fund.
Assets under management declined by 1.9% in November to 353.4 billion tenge, mainly due to foreign currency revaluation in several funds. At the same time, securities portfolios accounted for 292.0 billion tenge, or 82.6% of total fund assets.
Number of investors keeps growing
In November, the number of accounts in the Central Securities Depository’s nominee holding system increased by 2.8% to 4.95 million.
Growth was particularly strong in omnibus accounts:
- up by 133.9 thousand accounts in November alone
- up by 1.4 million accounts, or 50.9%, since the beginning of the year
This points to continued inflows of retail investors into the securities market.
Market professionals expand assets via repo operations
Assets of professional participants in the securities market rose by 3.9% in November to 603.2 billion tenge, mainly due to funds raised through repo operations used to purchase securities.
Liabilities increased by 13.5% to 154.5 billion tenge, while own capital grew by 1.0% to 448.7 billion tenge, driven largely by higher retained earnings.
By the end of 2025, Kazakhstan’s stock market is not in decline but in a phase of rebalancing. Equity prices have corrected, yet investor participation continues to rise. Meanwhile, bonds – especially government securities – are attracting growing interest.
This combination points to a maturing market, where short-term volatility coexists with solid long-term potential.
