Review of KASE equity market in November 2025
/KASE, December 2, 2025/ – Kazakhstan Stock Exchange (KASE) presents a brief review of the equity market for November 2025.
As of the end of November 2025, shares of 89 names of 76 issuers were on KASE trading lists, of which shares of two names of two issuers were admitted to trading in the "Unlisted securities" sector.
Following the results of November 2025, the equity market capitalization amounted to 38.4 trillion tenge ($74.3 bn), which is 1.2 trillion tenge, or 3.0%, lower than the previous month.
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November 28 October 31 Δ Δ, %
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Capitalization, bn KZT 38,377.43 39,553.98 -1,176.5 -3.0
Capitalization, mln USD 74,251.12 74,620.29 -369.2 -0.5
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Equity trading volume in November amounted to 52.6 bn tenge, an increase of 2.2 times, or 28.6 bn tenge, compared to October. Average daily trading volume was 2.6 bn tenge (on the secondary market – 0.8 bn tenge), average daily number of transactions – 11,155 (on the secondary market – 10,891 transactions), average volume of one transaction – 235.7 thousand tenge (on the secondary market – 74.4 thousand tenge).
Following the public offering of Halyk Bank of Kazakhstan JSC common shares on KASE, 5,291 orders were executed for 121,800,000 shares at a price of 298.66 tenge per share. The total volume of executed orders on KASE amounted to 36.4 bn tenge (equivalent to 70.0 mln US dollars). Following the placement, individuals accounted for 14.2% of the total, broker-dealer firms – for 12.9%, other institutional investors – for 72.8%, and other legal entities – for less than 0.1%.
In November, the trading volume on the secondary market amounted to 16.2 bn tenge, which is 32.3%, or 7.7 bn tenge, higher than the October figure.
Among the main categories of investors in the secondary market, the most active were individuals, who accounted for 66.0% of the gross turnover of stock trading, followed by banks (3.3%), broker-dealer organizations (15.2%), other institutional investors (0.9%), and other legal entities (14.7%). The share of non-residents was 8.0%.
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Last trade price, Trading volume*, Capitalization**,
tenge per share mln tenge bn tenge
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Free Share in -----------------
float, index, From 01.01.25 Δ, November
% %* November 28 October 31 Δ, % % October Δ, % as of 28.11.25
---------- ------- -------- ----------- ---------- ---- ----------------- -------- -------- ----- ------------------
KZTK 19.2 4.1 40,300.00 38,520.00 +4.6 -7.9 977.9 294.0 x3.3 438.7
AIRA 41.6 6.5 890.00 869.88 +2.3 +8.5 2,041.6 2,831.6 -27.9 313.3
KCEL 34.1 11.3 3,335.00 3,353.64 -0.6 -2.8 28.7 2,891.8 -99.0 665.3
KZTO 10.0 1.6 837.00 843.90 -0.8 +2.1 373.8 420.7 -11.1 323.9
KMGZ 2.6 15.5 22,160.00 22,400.00 -1.1 +51.6 671.2 1 211.1 -44.6 13,487.9
KEGC 15.0 2.9 1,395.00 1,421.00 -1.8 -8.6 548.5 850.9 -35.5 384.2
KSPI 32.8 15.0 39,445.00 41,400.00 -4.7 -27.7 1,766.2 2,399.6 -26.4 7,660.3
KZAP 25.0 14.5 28,247.99 30,530.00 -7.5 +40.0 1,685.2 2,816.1 -40.2 7,331.4
HSBK 30.3 14.4 320.00 349.99 -8.6 +24.8 4,321.9 4,439.1 -2.6 3,522.7
CCBN 48.2 14.3 4,600.00 5,044.00 -8.8 x2.1 1,729.7 3,145.0 -45.0 805.5
KASE Index - - 6,818.90 7,131.47 -4.4 +22.2 14,144.7 21,299.9 -33.6 -
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* excluding major transactions, irregular transactions and placements within
SPO
** company capitalization taking into account preferred shares
[2025-12-02]