Review of KASE equity market in January 2026
/KASE, February 4, 2026/ – Kazakhstan Stock Exchange (KASE) presents a brief overview of the equity market for January 2026.
At the end of January 2026, shares of 89 names of 76 issuers were on the 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 January 2026, equity market capitalization amounted to 43.9 trillion tenge ($87.3 bn), which is 4.9 trillion tenge, or 12.6 %, higher than the previous month.
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January 30, December 31,
2026 2025 Δ Δ, %
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Capitalization, bn KZT 43,943.16 39,019.69 +4,923.5 +12.6
Capitalization, mln USD 87,332.62 77,640.30 +9,692.3 +12.5
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Share trading volume in January 2026 amounted to 24.2 bn tenge, an increase of 10.0 %, or 2.2 bn tenge, compared to December 2025. The average daily trading volume was 1.3 bn tenge, the average daily number of transactions was 11,800, and the average value per transaction was 108,100 tenge. Share trading in January took place exclusively on the secondary market.
Among the main categories of investors in the secondary market, the most active were individuals, who accounted for 64.4 % of the gross turnover of stock trading, followed by banks – at 0.4 %, broker-dealer firms – at 14.1 %, other institutional investors – at 1.7 %, and other legal entities – at 19.4 %. The share of non-residents was 5.7 %.
KASE Index value increased by 9.5 % in January and reached 7,702.60 points by the end of the month.
The volume of index share transactions in January 2026 amounted to 18.9 bn tenge, which is 0.3 bn tenge lower than the figure for December 2025. The largest trading volume was accounted for by common shares of National Atomic Company "Kazatomprom" JSC – 6.5 bn tenge (34.5 % of the total trading volume of index shares).
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Last price, Trading volume, Capitalization*,
tenge per share mln tenge bn teng
----------------------------------------------- ------------------------ -----------------
Free Share in --------------
float, index, January 30, December 31, from 01.01.26 January December
% %* 2026 2025 Δ, % Δ, % 2026 2025 Δ, % as
of 30.01.26
---------- ------- -------- ------------ ------------- ----- -------------- -------- --------- ----- -----------------
KZAP 25.0 19.1 41,950.00 28,059.00 +49.5 +49.5 6,519.5 3,380.7 +92.8 10,778.5
KMGZ 2.6 14.9 23,999.99 21,720.00 +10.5 +10.5 1,043.9 1,026.1 +1.7 14,324.4
HSBK 30.3 15.9 401.88 371.59 +8.2 +8.2 4,614.2 6,308.3 -26.9 4,362.3
KZTK 19.2 4.0 44,553.00 43,390.00 +2.7 +2.7 240.3 1,152.8 -79.2 486.3
KZTO 10.0 1.6 966.00 950.00 +1.7 +1.7 882.4 933.7 -5.5 372.6
CCBN 48.2 13.0 4,730.51 4,660.00 +1.5 +1.5 1,248.4 1,741.5 -28.3 837.1
KSPI 32.8 13.4 39,901.00 40,390.00 -1.2 -1.2 1,397.5 825.9 +69.2 7,624.9
KCEL 34.1 9.9 3,313.55 3,383.00 -2.1 -2.1 1,600.1 33.7 x47.5 662.2
AIRA 41.6 5.6 870.78 909.98 -4.3 -4.3 637.2 1,937.7 -67.1 308.5
KEGC 15.0 2.7 1,471.95 1,555.00 -5.3 -5.3 701.0 1,848.3 -62.1 405.0
KASE Index – – 7,702.60 7,031.32 +9.5 +9.5 18,884.7 19,188.8 -1.6 –
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* company capitalization taking into account preferred shares
[2026-02-04]