KASE equity value falls 4.4% in tenge in September but rises 1.1% in dollars
The KASE Index fell 4.01% as Kazatomprom and Kaspi.kz led declines, while a 5.5% fall in the official dollar rate lifted the dollar value of listed equity.
Written with AI tools by Boards and Capital's editorial system; the publisher is responsible for it. How this site works
The market capitalisation of equities on the Kazakhstan Stock Exchange (KASE) fell 4.4 per cent in September to KZT48.0 trillion, but rose 1.1 per cent to $109.3 billion in dollar terms, according to the exchange's monthly equity review. The difference is the tenge. The National Bank of Kazakhstan's official dollar rate was KZT464.77 on 31 August and KZT439.37 on 30 September, a fall of 5.5 per cent in the dollar's value in tenge, according to a Data Desk calculation. Dividing KASE's tenge capitalisation figures by those two rates reproduces the dollar figures in the review.
The KASE Index fell 4.01 per cent in September to 7,795.44 points, from 8,121.46 at the end of August, according to the review. At the end of the month there were 85 share issues of 72 issuers in KASE trading lists, of which two issues of two issuers were in the "Unlisted securities" sector.
Smaller turnover, dominated by retail investors
Share trading volume was KZT22.0 billion in September, KZT2.3 billion or 9.7 per cent lower than in August, KASE said in the review. The average daily volume was KZT1.0 billion, with an average of 10,077 transactions a day at an average value of KZT99.1 thousand. All share trading took place on the secondary market.
Individuals accounted for 55.4 per cent of gross share turnover, followed by broker-dealer firms at 21.7 per cent, other legal entities at 20.4 per cent, other institutional investors at 1.8 per cent and banks at 0.6 per cent, according to the exchange. Non-residents accounted for 7.8 per cent.
Kazatomprom and Kaspi.kz lead the declines
Six of the ten shares in the KASE Index representative list fell in tenge terms over the month and four rose, according to the review. The KASE Index page names the constituents. Kazatomprom lost 15.1 per cent to KZT29,380 and Kaspi.kz lost 11.6 per cent to KZT42,880.78. Air Astana fell 5.2 per cent, Halyk Bank 3.0 per cent, Kazakhtelecom 0.6 per cent and Kcell 0.1 per cent. KazTransOil rose 9.3 per cent to KZT1,305.00, KEGOC 2.9 per cent, KazMunayGas 1.5 per cent and Bank CenterCredit 0.6 per cent.
Kazatomprom was also the most heavily traded index share, with KZT5.6 billion or 27.3 per cent of index share trading volume, which totalled KZT20.5 billion, KZT0.8 billion less than in August, the review shows. KazMunayGas traded KZT2.3 billion in September, 3.1 times the August figure, and Air Astana traded 2.1 times as much, while turnover in Halyk Bank shares fell 38.9 per cent to KZT4.5 billion.
Year-to-date moves in the review are mixed. KazMunayGas is up 64.8 per cent since 1 January, the largest gain among the ten, followed by KazTransOil at 37.4 per cent, while Air Astana is down 26.4 per cent, Kcell 6.5 per cent and KEGOC 2.4 per cent. At KZT21.8 trillion, KazMunayGas had the largest company capitalisation of the ten on 30 September, according to the exchange.
The currency effect by company
The review gives share prices in tenge only. Converting the 31 August and 30 September closing prices at the official rates cited above, Data Desk calculations show that the stronger tenge turned most of September's tenge-denominated losses into dollar gains:
- Kazatomprom fell about 10.1 per cent in dollars, against 15.1 per cent in tenge, and Kaspi.kz about 6.5 per cent, against 11.6 per cent.
- Halyk Bank rose about 2.6 per cent in dollars, against a fall of 3.0 per cent in tenge, and Air Astana about 0.3 per cent, against a fall of 5.2 per cent.
- Kcell, Kazakhtelecom, Bank CenterCredit and KEGOC rose between 5.1 per cent and 8.9 per cent in dollars, KazMunayGas about 7.4 per cent and KazTransOil about 15.6 per cent.
Only Kazatomprom and Kaspi.kz fell in dollars on this basis. The calculation uses the review's closing prices and the central bank's rates for 31 August and 30 September, and ignores dividends.
The KASE Index closed at 7,862.65 on 16 October, 0.86 per cent above its end-September level and 11.82 per cent higher since the start of the year, according to the exchange's index page, which lists a historical maximum of 8,131.71. KASE's daily index release shows gains of 33.2 per cent in 2024 and 26.1 per cent in 2025. The official dollar rate had risen to KZT454.14 by 16 October.