/KASE, December 3, 2025/ – Freedom Holding Corp. has provided Kazakhstan Stock Exchange (KASE) with a review of the Purchasing Managers' Index (PMI) of Kazakhstan's service sector for November 2025.

Below are comments from Yerlan Abdikarimov, Director of the Financial Analysis Department of Freedom Finance Global PLC (a 100% subsidiary of Freedom Holding Corp.).

"November saw another fall in overall business activity in the services sector, following the unusually strong optimism observed for much of the year. This may indicate the emergence of systemic problems in the industry. The main pressure is coming from new orders – their growth has been steadily cooling, and companies are responding with cautious employment management. Rising costs due to logistical delays at the Russian border are creating additional price pressure and keeping services inflation high. Despite businesses' attempts to pass costs on to prices, demand is not yet capable of returning the sector to sustainable growth. Businesses are hoping for improved demand in the year- ahead forecast, but uncertainty surrounding new tax rules is limiting companies' willingness to actively expand".

Review in Qazaq – see more

Review in Russian – see more

Review in English – see more

[2025-12-03]