KazMunayGas (KMG), the national oil company of Kazakhstan, has become the largest company in Kazakhstan by market capitalization, surpassing fintech giant Kaspi.kz, which has moved to second place, according to the Qazaq Association of Minority Shareholders (QAMS), which first noted this shift.
Since the beginning of the year, KMG’s market capitalization has surged by 15%, reaching $19.7 billion, according to the Kazakhstan Stock Exchange (KASE). Over the same period, shares of the previous leader, Kaspi.kz, have declined by 16.7%, with its current market capitalization standing at approximately $16.7 billion, about $3 billion behind KMG.
Furthermore, the country’s top four...