Review of KASE equity market in December 2025
/KASE, January 6, 2026/ – Kazakhstan Stock Exchange (KASE) presents a brief overview of the equity market for December 2025.
At as of end of December 2025, shares of 87 names of 74 issuers were on KASE trading lists, of which shares of two names of two issuers were admitted to trading in the "Unlisted securities" sector.
Based on results of December 2025, the equity market capitalization amounted to 39.0 trln tenge ($77.6 bn), which is 0.6 trln tenge, or 1.7 %, higher than the previous month.
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December 31 November 28 Δ Δ, %
----------------------- ----------- ----------- -------- ----
Capitalization, bn KZT 39,019.69 38,377.43 +642.3 +1.7
Capitalization, mln USD 77,640.30 74,251.12 +3,389.2 +4.6
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Share trading volume in December amounted to 22.0 bn tenge, a decrease of 58.1 %, or 30.5 bn tenge, compared to November. Share trading in December took place exclusively on the secondary market. Average daily trading volume was 1.0 bn tenge, with an average daily number of transactions of 9,398 and an average transaction value of 106,600 tenge.
Among the main categories of investors in the secondary market, individuals were the most active, accounting for 54.2 % of the gross stock trading turnover, followed by banks (2.9 %), broker-dealer firms (17.5 %), other institutional investors (2.6 %), and other legal entities (22.7 %). Non-residents accounted for 9.9 %.
KASE Index value increased by 3.1 % in December and reached 7,031.32 points by the end of the month.
The volume of index share transactions in December 2025 amounted to 19.2 bn tenge, which is 5.0 bn tenge higher than the figure for November 2025. The largest trading volume was in common shares of Halyk Bank of Kazakhstan JSC – 6.3 bn tenge (32.9 % of the total trading volume in index shares)*.
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Last price, Trading volume*, Capitalization**,
tenge per share mln tenge bn tenge
-------------------------------------------- ----------------------- ------------------
Free Share in --------------
float, index, from 01.01.25
% %* December 31 November 28 Δ, % Δ, % December November Δ, % as of 31.12.25
---------- ------- -------- ----------- ----------- ----- -------------- -------- -------- ----- ------------------
HSBK 30.3 16.1 371.59 320.00 +16.1 +44.9 6,308.3 4,321.9 +46.0 4,040.2
KZTO 10.0 1.8 950.00 837.00 +13.5 +15.9 933.7 373.8 x2.5 371.6
KEGC 15.0 3.1 1,555.00 1,395.00 +11.5 +1.8 1,848.3 548.5 x3.4 428.7
KZTK 19.2 4.3 43,390.00 40,300.00 +7.7 -0.9 1,152.8 977.9 +17.9 475.8
KSPI 32.8 14.8 40,390.00 39,445.00 +2.4 -25.9 825.9 1,766.2 -53.2 7,685.4
AIRA 41.6 6.4 909.98 890.00 +2.2 +11.0 1,937.7 2,041.6 -5.1 323.8
KCEL 34.1 11.1 3,383.00 3,335.00 +1.4 -1.4 33.7 28.7 +17.1 674.8
CCBN 48.2 14.0 4,660.00 4,600.00 +1.3 x2.1 1,741.5 1,729.7 +0.7 831.5
KZAP 25.0 13.9 28,059.00 28,247.99 -0.7 +39.0 3,380.7 1,685.2 x2.0 7,269.7
KMGZ 2.6 14.7 21,720.00 22,160.00 -2.0 +48.6 1,026.1 671.2 +52.9 13,222.3
KASE Index - - 7,031.32 6,818.90 +3.1 +26.1 19,188.8 14,144.7 +35.7 -
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* excluding major transactions, irregular transactions and placements within an
SPO
** company capitalization taking into account preferred shares
[2026-01-06]