Kaspi.kz stock value on KASE is 9% higher than in New York. This won’t last long, says Freedom Broker

Shares of the Kaspi.kz fintech group are traded on the Kazakhstan Stock Exchange (KASE) 8.9% higher than American depository shares (ADSs) from the same issuer on Nasdaq, according to the latest survey by Freedom Broker. The company’s analysts believe that the ADS value may jump by 7.5% to 7.8% shortly, equalizing share prices on both platforms.

As of August 7, Kaspi.kz shares were traded on KASE at $133.54 (+3.5% compared to the closing price on August 6). At a preliminary session on Nasdaq, ADSs were traded at $118.49, with the lag between the stocks at 12.8%.

On August 6, the stock was the leader on KASE, showing a 5.2% increase in value, Freedom Broker reported. At the same time, Kaspi’s ADS value rose by 2.1% on Nasdaq.

«On the other hand, ADSs has the potential to rebound to the 50-day moving average or by 7.5% to 7.8% of the current price,» the analysts said.

Before March 2024, Kaspi.kz stock was traded on KASE, Nasdaq, and the London Stock Exchange (LSE). Later, the group delisted itself from the LSE, citing the economic inexpediency of its presence on the platform. In mid-January 2024, Kaspi.kz went public on Nasdaq, offering $1 billion worth of shares from the current shareholders.

As of July 1, Baring Fund was the largest shareholder of Kaspi.kz (24.24%), along with Mikhail Lomtadze (21.53%) and Vyacheslav Kim (20.39%).