Investing in Kazakhstan Stocks (KASE): A Fundamental Guide (2026)

Kazakhstan is one of the most overlooked stock markets in the world — and one of the cheapest. A commodity powerhouse (uranium, oil, copper, gold) with a fast-growing fintech sector and a young population, it trades at a fraction of developed-market multiples, yet almost no English-language service covers its companies from the filings. This guide is a data-driven starting point: the exchange, the major issuers, valuations, dividends and the risks.

Why Kazakhstan?

Three things make the market interesting for an international investor. First, valuation: the median listed issuer trades around 9x earnings versus roughly 31x in the US — a discount that reflects real risk but also genuine mispricing. Second, dividends: several blue chips yield 5–13% and pay them reliably. Third, quality assets: this is not a market of speculative shells — it includes the world's largest uranium producer, a top-tier digital bank, and cash-generative pipeline and power utilities. You can see the full cross-market picture on our global valuation map.

The exchange: KASE (and AIX)

Most domestic names trade on the Kazakhstan Stock Exchange (KASE) in Almaty; a second venue, the Astana International Exchange (AIX), lists several of the larger issuers in US dollars and is easier for foreigners to access. A number of the biggest Kazakh companies also carry London (LSE) GDRs or a US listing — Kaspi.kz and Halyk Bank among them — which is often the simplest route for an international brokerage account.

The names that matter

The market is concentrated in banks, resources and a standout fintech. The most important issuers:

• Kaspi.kz — the dominant super-app (payments, marketplace, fintech). The market's growth story and its most widely held name internationally (US-listed).
• Halyk Bank — the largest bank in Central Asia. Highly profitable, and one of the highest dividend yields on the market (recently in the low-teens percent) at a single-digit P/E.
• Kazatomprom — the world's largest uranium producer. The cleanest listed way to play the nuclear-fuel cycle; LSE and AIX listed.
• KazMunayGas — the national oil & gas company.
• KazTransOil and KEGOC — the oil-pipeline and power-grid monopolies: regulated, cash-generative, dividend-focused (KazTransOil has yielded close to 10%).
• Smaller banks and telecoms — Bank CenterCredit, ForteBank, Kazakhtelecom — several trading at 3–4x earnings.

Browse the whole market, sortable by multiples and yield, on the Kazakhstan overview, and the banks specifically on the Kazakhstan bank stocks page.

Kazakhstan stocks compared

Every Kazakh issuer we cover, ranked by P/E (cheapest first), with EV/EBITDA and dividend yield. Click any name for its full financials; updated daily from filings.

Valuation: cheap, but be selective

"Cheap" is the headline, but the spread inside the market is wide. The banks and utilities carry the lowest multiples (often 3–5x earnings); the fintech and the uranium producer command growth premiums. That is rational — you pay up for Kaspi's growth and Kazatomprom's commodity optionality, and you get paid to own the slower-growing banks and pipelines through dividends. Our screeners rank every name by EV/EBITDA, P/E, ROE and dividend yield so you can see where each sits.

Dividends

Income is a big part of the Kazakh equity case. The regulated utilities and the larger banks distribute generously; several names have offered mid-to-high single-digit — and in Halyk's case low-teens — trailing yields. Payouts are typically annual and tied to reported profit, so they move with the cycle. Always check the latest figure on each company page rather than assuming last year repeats.

The risks — read this part

• Currency. The tenge (KZT) is volatile and has trended weaker over time; a US-dollar investor bears that FX risk on top of the equity risk.
• Liquidity. Outside the top handful of names, daily volumes are thin. Use limit orders and size positions accordingly.
• Governance and state ownership. Several majors are state-controlled; minority-shareholder interests and the state's do not always align.
• Commodity and geopolitical exposure. The economy — and much of the index — rides oil, uranium and metals prices, and the country sits in a complex neighbourhood.

None of this is a reason to avoid the market; it is a reason to focus on quality, diversify, and demand a valuation cushion — which Kazakhstan generally offers.

How to access it

The practical routes for a non-resident are: (1) the international listings — Kaspi.kz (US), Halyk Bank and Kazatomprom (London GDRs) — available through most global brokers; or (2) the Astana International Exchange (AIX), which is designed for foreign access. Local KASE-only names require a Kazakh broker. This guide is analysis, not investment advice — do your own due diligence and consider your own circumstances.

Where to get the data

We compute valuation multiples, growth, profitability and dividend yields for every Kazakh issuer daily, from primary filings — see the Kazakhstan market overview, the bank-sector page, the cross-market valuation map, and the screeners for the cheapest and highest-yielding names.