ASTANA – Kazakhstan Stock Exchange (KASE) reported the results of the exchange market’s performance for 2025 at a Jan. 15 press briefing. Total trading volume reached 400.8 trillion tenge (US$784.6 billion) in 2025, up 3% or 11.7 trillion tenge (US$22.9 billion) from 2024.
Stock market capitalization rose 18.7% from the start of the year, reaching 39 trillion tenge (US$76.3 billion). Photo credit: KASE
Trading activity across markets
“The strongest growth in trading volumes was recorded in the foreign exchange market, where turnover increased by 35%. The securities market ranked second, as previously noted, with trading volumes rising to 15.5 trillion tenge [US$30.3 billion]. Trading on the money market, however, fell short of the previous year’s levels, with total turnover amounting to 334 trillion tenge [US$653.8 billion],” said Adil Mukhamejanov, chairperson of the KASE management board.
Mukhamejanov highlighted a 20% increase in trading volumes in the securities market, rising from 12.9 trillion tenge (US$25.3 billion) in 2024 to 15.5 trillion tenge (US$30.3 billion) in 2025. The number of transactions jumped 74%, rising from 2 million to 3.4 million.
“To elaborate a little, trading volume on the secondary equity market grew by 23% during this period. Trading volumes on the secondary debt securities market grew by 16%. This indicates a return of interest and growing interest in the capital market in the form of bonds and stocks,” he said.
By the end of 2025, the KASE Index rose 26.1% to 7,031.32 points.
Equity market
Stock market capitalization rose 18.7% from the start of the year, reaching 39 trillion tenge (US$76.3 billion).
Equity trading volume increased 14.7% from 2024, rising by 43.8 billion tenge (US$85.7 million) to 342.1 billion tenge (US$670 million). Average daily trading volume stood at 1.39 billion tenge (US$2.7 million), including 1.24 billion tenge (US$2.4 million) on the secondary market. The average daily number of transactions reached 11,420, with an average trade size of 121,800 tenge (US$238.4).
Primary market activity totaled 36.5 billion tenge (US$71.5 million), down 26.3% year-on-year. Institutional investors dominated the primary equity market, accounting for 72.6% of placements. Retail investors made up 14.3%, brokerage firms 12.9%, while other legal entities accounted for 0.1%. Non-resident participation stood at 1.4%.
Trading on the secondary equity market increased 22.9% to 305.6 billion tenge (US$598.2 million). Retail investors were the most active participants.
“We would also like to highlight that the investor structure continues to strengthen and gain momentum, with participation by individual investors now accounting for more than half of the market, reaching 55.8% of the overall investor structure,” said
Banks represented 1.7%, brokerage firms 13.2%, institutional investors 2.2%, and other legal entities 27.1%. Non-residents accounted for 8.3% of trading activity.
In 2025, securities of 41 new issuers were listed on KASE, including one equity issuer and 40 corporate bond issuers. As of Jan. 1, 2026, KASE trading lists included 939 non-government securities issued by 280 issuers.
“Currently, the Kazakhstan Stock Exchange has more than 2,000 instruments in its arsenal. Most of them are on the stock market. The main growth was in corporate bond market instruments, where we added 313 new instruments and 40 new issuers, which is important to note,” Mukhamejanov said.
