Established: November 17, 1993
Address: 8th floor, Northern tower of Multifunctional Complex Almaty Towers, 280 Baizakov Str., Almaty, 050040,
Contact Name: Akmaral Sabyrbayeva
Email: a.sabyrbayeva@kase.kz
Website: www.kase.kz
- Joined FEAS in 1997-
In 2025, Kazakhstan Stock Exchange (KASE) experienced one of the most transformative years in its history in terms of infrastructure development, technological modernization, and expansion of market functionality. Trading volumes remained robust across all market segments of KASE, with particularly strong performance in the foreign exchange, securities, and derivatives markets. The total number of transactions in the securities market surged by 73.8% year-on-year, increasing from 2.0 mln to 3.4 mln. The number of market participants reached 60, by the end of 2025, the Exchange’s trading list featured over 2 300 instruments of 313 issuers. The number of active individual equity accounts increasing from 219 to 277 in 2025. The securities market in 2025 recorded trading value of USD 29.8 bn, up 7.5% year-on-year. The successful SPO of Halyk Bank JSC in November 2025, which raised USD 475.4 mln with 15% of the offered shares, or USD 70.0 mln, executed on KASE, further demonstrating robust local investor demand. Within the securities market, secondary equity market trading value rose by 11.3%, while secondary debt market trading value expanded by 5.4%. Significant value creation was observed across the equity segment. Equity market capitalization increased to USD 77.6 bn in 2025, marking 23.6% rise over the year. The KASE Index closed 2025 at a record level of 7,031.32 points, up 26.1% year-on-year.The foreign exchange market also demonstrated strong growth in 2025, with trading value reaching USD 98.2 bln. The money market remained a key pillar of liquidity in Kazakhstan’s financial system. In 2025, it recorded USD 641.1 bn in trading value, accounting for 83.4% of total trading value. Trading value of the money market moderated by 11.2% year-on-year in 2025, reflecting the normalization of liquidity conditions amid evolving macroeconomic and regulatory developments. The derivatives market, while still emerging, showed a sharp increase in activity in 2025. Trading value reached USD 18.3 mln. This represented an increase of more than 200-fold compared with under USD 1 th in 2024, highlighting the segment’s strong future potential.Capping off an exceptional year, 2025 was a record year for KASE, solidifying its position as a flagship for ESG initiatives. Outstanding ESG instruments volume reached USD 2.18 bn, up 80.8% year-on-year from USD 1.21 bn in 2024, predominantly driven by social bonds. Since the launch of its ESG program, a total of 39 instruments have been issued, 29 of which remain outstanding.
In 2025, KASE operated in an environment shaped by macroeconomic adjustment, regulatory recalibration, and evolving liquidity conditions. Inflationary pressures in Kazakhstan’s economy persisted as expanding demand continued to outpace domestic supply capacity. In response to these conditions, monetary policy remained focused on maintaining annual inflation close to 5% in the medium term, in line with the Monetary Policy Strategy through 2030.