/KASE, August 3, 2026/ – Freedom Holding Corp. has provided Kazakhstan Stock Exchange (KASE) with a review of the Purchasing Managers' Index (PMI) of Kazakhstan's manufacturing sectors for July 2026.

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

"July intensified the downturn in Kazakhstan's manufacturing. The most notable monthly deterioration was observed in the food & drink industry, where new orders declined the most, despite continued growth in retail trade turnover according to official statistics. This suggests that the increase in turnover is being driven mainly by higher prices rather than by growth in physical sales volumes. Against this backdrop, the decline in new orders likely reflects constraints on working capital financing amid tighter bank lending conditions. Business expectations for the year ahead fell to a more than six-year low, which we also associate with the backlogs of work index, remaining at historically weak levels for three consecutive months (firms are completing previously received orders faster than new ones are coming in). This leaves the sector more vulnerable to further demand weakness and does not rule out challenging conditions persisting in the coming months. Continued moderate easing of the National Bank's monetary policy could provide some support for the sector. However, the impact of lower policy rates will not be immediate — monetary policy transmission typically occurs with a lag and depends on market conditions. As a result, businesses are likely to see a meaningful improvement in financing conditions only over the medium term".

Review in Qazaq – see more

Review in Russian – see more

Review in English – see more

[2026-08-03]