/KASE, May 6, 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 April 2026.

Below are comments from Saltanat Mukhambetaliyeva, Economics Research and Analytics Head, Freedom Holding Operations LLP:

"Kazakhstan's services sector recorded a sharp acceleration in April following three months of contraction, with the Business Activity Index rising to 53.9 (+4.8 points m/m), supported by an increase in new orders. Such a sharp monthly rise is atypical for the local market and has been observed primarily during post- shock recovery phases (notably the pandemic and 2022), warranting cautious interpretation. The improvement remains limited in scope and is not accompanied by a shift in underlying fundamentals, as reflected in continued caution in employment and increased restructuring activity. Cost pressures accelerated again, approaching January's peak, with drivers shifting from tax- related factors towards higher wages and input costs. Growth was concentrated in real estate (supported by mortgage lending growth of +16% y/y) and business services, while consumer-facing and transport segments remained subdued. Twelve-month expectations remained in moderately optimistic territory and below the long-term average.".

Review in Qazaq – see more

Review in Russian – see more

Review in English – see more

[2026-05-06]