/KASE, January 8, 2026/ – Freedom Holding Corp. has provided Kazakhstan Stock Exchange (KASE) with a review of the Purchasing Managers' Index (PMI) of Kazakhstan's service sector for December 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.).

"In December, Kazakhstan's services sector showed a mixed performance: on one hand, the decline in business activity slowed, while on the other, the growth rate of new orders continued its steady downward trajectory that began several months earlier. Some easing of inflationary pressures at the end of the year is linked less to fundamental factors and more to the increased price sensitivity of service consumers, indicating persistent margin issues in the sector. Taken together, these factors reflect a cooling of business sentiment, largely driven by heightened concerns ahead of the upcoming tax changes. As a result, 12-month expectations were adjusted downward, although they still remain in the zone of moderate optimism. During the implementation of the new Tax Code, it will become clear how effectively the service sector can adapt to the updated conditions".

Review in Qazaq – see more

Review in Russian – see more

Review in English – see more

[2026-01-08]