Leading Kazakhstani index showed minor growth in February

The KASE index, which includes nine companies, rose by 1.2% to 3,338.9 points in February, according to Kazakhstan Stock Exchange (KASE). The key index in Kazakhstan has demonstrated a positive dynamic over three months in a row thanks to five stocks in the index.

Best-performing growth stocks

The leader of the index is Kaspi. The value of the fintech company’s shares rose by 3.8% to $78.10. Last month, Kaspi published its yearly and quarterly reports that definitely supported its shares on the market. In the fourth quarter of 2022, the company’s revenues rose by 40% to $910 million. In terms of annual growth, Kaspi’s revenue reached $2.9 billion (+40%). The adjusted net profit for Q4 of 2022 rose by 37% over the same period year before and reached $441 million. On a yearly basis, the company’s net profit increased by 36% to $1.3 billion.

In its February report, Kaspi revealed that the third GDR buyback program is over. The company has managed to buy back its 1.13 million shares for $84 million instead of the $100 million it initially expected to spend.

Another company that has shown a positive dynamic is KazMunayGas. Its stock was included in the KASE index on February 3, 2023. Over less than a month, the company’s share value rose by 3.7% and reached $21.89. According to the company, in 2022 its oil and gas output increased by 1.7% and 2% respectively.

In February, KazMunayGas paid $32 million to the government as a signature bonus for operations at the Kalamkas-Sea, Khazar and Auyezov oil fields on the continental shelf of the Caspian Sea. Moreover, the national oil company has acquired a 100% stake in Kalamkas-Khazar Operating and gained full control over the project.

Halyk Bank, a too-big-to-fall bank in Kazakhstan, was also among the growth stocks. The value of the bank’s shares rose in February by 3.5% to $0.29. Even though the bank didn’t make any big announcements in February, there were rumors that Halyk Bank would sell some of its shares. Later, Umut Shayakhmetova, the bank’s board chairwoman denied these rumors. However, on February 17, Sinara Group from Yekaterinburg acquired Moskommertsbank, a Russian subsidiary of Halyk Bank.

Mobile operator Kcell reported a 1.2% growth in the value of its stock ($3.97). In the end of February, the company received $896,630 for further development of the 5G network.

Kazakhtelecom’s stock also rose by 1% to $66.10, although the company didn’t report any big developments in February.

What stocks have gotten cheaper

The world’s leading producer of uranium Kazatomprom didn’t report any negative corporate news in February. However, its shares dropped by 4.3% to $30.49 that month.

Bank CenterCredit shares lost 0.7% and dropped to $1.41. In February, the Agency for Regulation and Development of the Financial Market approved a deal between the bank and Sinoasia B&R, a Chinese insurance company that was acquired by the Kazakhstani bank.

KEGOC’s shares dropped in February by 0.2% to $3.63. Last month, Fitch Ratings confirmed the company’s rating at ВВВ- with a stable outlook.

The shares of KazTransOil, a subsidiary of KazMunayGas, also lost 0.1% in value and dropped to $1.59. On February 25, the pipeline company sent the first 20,000 tons of oil to Germany. Under their bilateral agreement, Kazakhstan has to supply Germany with 300,000 tons of oil in total.