Shares of KazMunayGas (KMG), Kazakhstan’s national oil company, have surged more than 25% over the past two months, despite a lack of clear catalysts, according to data from the Kazakhstan Stock Exchange (KASE).
Steady growth
Since May 22, 2025, KMG stock has climbed steadily, reaching 18,699 tenge (nearly $35) per share on July 22. During that day’s trading session alone, the price rose by 2.69% or $0.91 per share.
Analysts remain puzzled by the continued rally. In its daily market review, Freedom Broker noted that KMG shares hit their target valuation of approximately $33, marking a 22% gain since June 4.
«We haven’t seen any news that could have triggered this growth, especially considering that the stock has gained another 2.15% since the market opened today,» the report said.
Notably, in mid-June, analysts at BCC Invest, a Kazakhstan-based brokerage, raised their valuation of KMG shares following the company’s first quarter 2025 financial results. They set a new target price of approximately $35 per share and issued a «buy» recommendation, citing a potential upside of 14.5%, or about $4 per share.
Most valuable company
This is not the first sharp rise for KMG in 2025. The company’s shares have reached record highs in 13 trading sessions so far this year — six times in January and seven more in June and July. However, after the January surge, KMG shares corrected sharply, falling 16.7% from a high of $29.70 to $24.70 in less than a month.
In late June, KMG became the largest company in Kazakhstan by market capitalization, surpassing fintech giant Kaspi.kz, which moved to second place. Since the beginning of the year, KMG’s market capitalization has surged by 15%, reaching $19.7 billion.
According to KASE data as of April 1, 2025, KazMunayGas is majority-owned by Kazakhstan’s national wealth fund Samruk-Kazyna, which holds 67.8% of shares. The Ministry of Finance owns 20%, the National Bank of Kazakhstan holds 9.6% and 2.6% of shares are in free float.
