KASE index shows 2.2% decline after steady growth in October

Senior business correspondent
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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