About Condition of Kazakhstan’s Securities Market as of 1 September 2025
Stock market capitalization as of 1 September 2025 made 39.6 trillion KZT, an increase of 5.1% over August 2025 (a 20.4% surge since the start of 2025), mainly due to rising prices of shares included in the KASE Index representative list, including Kaspi.kz JSC (+6.6%), NAC Kazatomprom JSC (+8.7%) and ForteBank JSC (+15.5%).
KASE Index increased by 9.0% in August 2025 to 6,993.05 points (a 25.4% increase since the beginning of 2025).
Share trading volume in August 2025 totaled 24.8 billion KZT, a 12.2% decrease over the month, first of all due to lower trading volumes in shares of ForteBank JSC and NAC Kazatomprom JSC.
As of 1 September 2025, Kazakhstan Stock Exchange (hereinafter referred to as KASE) listed shares of 89 names from 76 issuers, including shares of 2 names from 2 issuers were admitted to trading in the "Unlisted Securities" sector.
As of 1 September 2025, KASE Global sector listed shares of 47 names and 18 ETFs from 59 foreign issuers. Trading volume in the KASE Global sector in August 2025 amounted to 17.7 billion KZT, a 30.1% surge month-on-month, first of all due to increased trading volume in shares of ProShares Trust, Intel Corporation, NVIDIA Corp., and Advanced Micro Devices, Inc.
Volume of corporate debt traded on KASE in August 2025 contracted by 0.3% to 14.0 trillion KZT (up 1.9% since the beginning of 2025).
Corporate bond trading volume on KASE in August 2025 soared by 34.0% to 496.8 billion KZT compared to the previous month, mainly due to increased trading volume in the secondary market. As of 1 September 2025, 609 corporate bond issues from 137 issuers were listed on KASE.
Volume of the primary corporate bond market in August 2025 made 339.9 billion KZT, an 8.1% increase compared to July 2025.
Government debt traded on KASE inched up by 1.6% in August 2025 to 30.0 trillion KZT (an 11.1% increase since the beginning of 2025).
Total trading volume of government securities on KASE expanded by 7.5% in August 2025 and reached 791.2 billion KZT. Trading volume on the primary government securities market shrank by 8.2% to 671.6 billion KZT. Out of this amount, 81.0 billion KZT was raised by akimats of twelve regions within implementation of government programs. The Ministry of Finance of the Republic of Kazakhstan raised 590.6 billion KZT with a yield to maturity of 16.75-17.00% p.a. through placement of 8 bond issues.
As of 1 September 2025, there were 58 mutual investment funds operating in the collective investment market, including 24 interval funds, 33 closed-end funds and 1 open-end fund.
Assets under management in the mutual investment market as of 1 September 2025 amounted to 381.2 billion KZT, an increase of 0.9% from August 2025. As of 1 September 2025, the securities portfolio accounted for 320.1 billion KZT or 84.0% of the total assets of mutual investment funds.
Institutional structure of the securities market as of 1 September 2025 is represented by 42 brokers and dealers (16 banks and 26 non-banking organizations), 11 custodian banks, 21 investment portfolio managers, 4 transfer agents, as well as 3 infrastructure organizations: KASE, KASE Clearing Center and Central Securities Depository, which also operates as a single registrar and trade repository.
In August 2025, number of accounts in Central Securities Depository's nominal holding system grew by 3.0% to 4,459.6 thousand, including:
- number of client depositor sub-accounts grew by 1.3 thousand, or 0.2%, to 694.3 thousand sub-accounts (since the beginning of 2025, an increase of 8.9 thousand or 1.3%);
- number of personal accounts opened by brokers and recorded through aggregated omnibus accounts widened by 128.5 thousand, or 3.5%, to 3,765.3 thousand (an increase of 949.9 thousand, or 33.7%, since the start of 2025).
Assets of professional participants of the securities market as of 1 September 2025 made 585.0 billion KZT, up by 4.1% since August 2025, mainly due to repo transactions (a decrease of 24.0% since early 2025). Liabilities expanded by 7.0% to 151.6 billion KZT due to growth of repo transactions (a decrease of 37.1% since the beginning of 2025). Equity capital increased by 3.1% to 433.4 billion KZT as a result of growing retained earnings (down 18.0% since the beginning of 2025).
External Communications Directorate