Stock Market Index KASE Surges More Than 33% in 2024
In a concerning development for the Kazakhstan Stock Exchange (KASE), trading volume has continued to decline in 2025, following a 5.3% decrease observed in 2024 compared to the previous year.
According to recent data, the overall trading volume in the first seven months of 2025 fell by 5.2% compared to the same period in 2024. This indicates that the volume drop in 2024 is part of a continuing decrease rather than an isolated incident.
The money market segment, which includes repo transactions and other short-term deals, saw a significant 9.4% year-on-year decrease in volume in early 2025. Trading amounts also dropped by 11.9% compared to the previous half-year period (June-December 2024). This segment contributes significantly to total volume on KASE.
Specific declines include around 20% fewer repo transactions and a 22.7% drop in "nego" repo deals, suggesting decreased activity in key market operations. Share trading volumes on individual days in 2025 also show volatile but generally lower liquidity compared to previous years, reflecting a possible trend of decreased trading appetite or macroeconomic factors impacting market participation.
While the precise reasons for the volume decline in 2024 are not explicitly stated, the continuation of volume contraction into 2025 suggests possible market sentiment weakening or reduced investor activity, reduced trading in key sectors such as repos and money market instruments, and external macroeconomic or financial conditions possibly influencing investor behavior.
Despite these challenges, the KASE index grew by 33.2% in 2024, reaching 5,578.10 points. The volume of foreign currency trading on KASE in 2024 was 38 trillion tenge (US$71.6 billion), a 28% increase from the previous year. The capitalization of the stock market on KASE grew by 23% or 6.1 trillion tenge (US$11.5 billion) in 2024, reaching 32.9 trillion tenge (US$62 billion).
It's worth noting that the overall trading volume in 2024 was 389.1 trillion tenge (US$732.9 billion), down 5.3% from 2023. The average daily number of transactions on KASE in 2024 was 837, and the average volume of one transaction was 182.3 million tenge (US$343,375). The average daily trading volume on KASE in 2024 was 152.7 billion tenge (US$287.6 million).
The share of trading in the EUR/USD currency pair decreased to 2.7% at the end of 2024, while the share of trading in the USD/KZT currency pair in the total volume of foreign currency trading on KASE increased to 72.2% in 2024. The entire trading volume on the money market on KASE in 2024 was 338.1 trillion tenge (US$636.8 billion), down 8.6% from the previous year.
As the Kazakhstan Stock Exchange navigates these challenging times, it remains to be seen how these trends will continue to unfold in the coming months.
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