KASE index shows 2.2% decline after steady growth in October

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Although Kaspi, Halyk Bank and Kcell stocks performed quite well in November

As the Kazakhstan Stock Exchange (KASE) data shows, even though the local stock market rose by 1.6% in October, it dropped by 2.2% in November.

Best-performing stocks

Kaspi Group performed well in November and showed a 9.8% growth (to $71.66). The company announced that it will make dividend payouts for Q3 in the amount of $1.28 per share. The group’s revenue rose by 43.5% to $1.8 billion, including $854 million of net profit (+34.5%) over the first nine months of 2022. 

Halyk Bank’s stock price rose by 3.2% and reached $0.25 per share. On November 18, the bank revealed its results for the first nine months of this year. In Q3 the bank’s net profit increased by 26% to $289 million and to $889.5 million (+25.2%) over the period from January to September. As of September 30, Halyk Bank possessed $30.2 billion of different assets. Also, on November 17, the bank reported that it sold Halyk Bank Tajikistan, its subsidiary in the country.

Kcell, a large mobile operator in Kazakhstan reported a 16% increase in its revenue ($124.3 million), including a net profit of $27 million (+40.5%). As a result, the company’s stock rose by 0.3% to $3.28 per share.

Worst-performing stocks

KazTransOil stock has declined by 17.7% to $1.20 per share. The financial results reported by the company were quite weak. For instance, its net profit plunged by 49% and reached just $53.5 million.

Kazakhtelecom’s stock price declined to $55.58 per share (-17%), despite a 2.4% growth of net profit over the first nine months of the year. Last month the company announced dividend payouts for common ($7.66) and senior ($0.63) stocks in the amount of $84.2 million.

Kazatomprom, the world’s largest uranium producer, reported a 4.7% decline in the stock price ($26.76).

Bank CenterCredit stock price shrunk by 2.1% to $1.29 per share, although the bank didn’t report any corporate developments.

KEGOC’s stock dropped by 0.7% to $3.34. No corporate news was published last month.

Concerning the KASE Index itself, it dropped by 16.6% from the beginning of the year. In the first half of the year, the index declined by 27.2%, a minimal figure for the index. However, in July and August, it rebounded by 10.4% and 6.7% respectively. In September the stock market started to decline and rose by 1.6% in October.

The U.S. stock market reported positive results in November. This month S&P 500 rose by 4.6%, Dow Jones by 5.3% and Nasdaq by 3.3%, according to Dow Jones Market Data.

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