Kazakhstan Stock Exchange : KASE presents an overview of the exchange market's performance in November 2022

P R E S S R E L E A S E

Almaty

December 6, 2022

KASE presents an overview of the exchange market's performance

in November 2022

Kazakhstan Stock Exchange JSC (hereinafter - KASE, the Exchange) informs you about the main results of its activities in November 2022:

• The total volume of trading on KASE in November 2022 amounted to KZT21.2 trln, having increased by 2.6 %, or KZT537.0 bn, compared to October.
• Based on November results, the value of KASE Index decreased by 2.2 % and made up 3,064.93 points.
• Based on November results, the capitalization of the equity market increased by 1.4 % to KZT22.6 trln, the volume of traded corporate debt decreased by 1.9 % to KZT14.7 trln.
• As of December 1, 2022, corporate securities of 588 titles of 234 issuers were on KASE trading lists.
• As of December 1, 2022, the Central Securities Depository maintained 522,970 personal accounts opened for 490,519 individuals. Based on November results, individuals registered 48,734 new personal accounts

KEY PROJECTS AND EVENTS

• On November 16, 2022, Kazakhstan Stock Exchange JSC held an international conference called "ESG - a new paradigm for the development of the financial market" as part of the X Congress of Financiers of Kazakhstan. At the Conference, which became a discussion ground for financial market experts in Kazakhstan and countries near and far abroad, they talked about the implementation of ESG principles: global trends in financing sustainable development projects, development of regulation, corporate ESG strategies and business transformation, as well as best practices in the field of ESG information disclosure, available green finance tools, ESG projects in Central Asia and Kazakhstan and other relevant topics.
• As part of the KASE Talks project, the Exchange hosted a meeting with a participant of the bookrunners consortium of IPO of NC KazMunayGas JSC - Freedom Finance JSC on the topic "Freedom Broker about the IPO, present and future". The guest was the company's CEO Sergey Lukyanov.
• As part of the "Issuer Day" project, KASE conducted an online meeting with executives of KazTransOil JSC, at which the results of the company's activities for the III quarter were presented.
• As part of the training program "My Portfolio at KASE", the Exchange held a webinar on the topic "Building an Investment Portfolio". At the webinar, the speaker presented the rules and principles of compiling an investment portfolio, using the example of securities traded on KASE.
• On November 18, 2022, KASE held a webinar "Pro IPO: what you need to know and how to participate" in the Kazakh language.

EQUITY MARKET

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Based on November 2022 results, the capitalization of the equity market amounted to KZT22.6 trln (USD48.3 bn), which is by KZT313.2 bn, or 1.4 %, higher than the same indicator of the previous month. The main share of growth fell on the capitalization of Kaspi.kz JSC and Halyk Savings Bank of Kazakhstan JSC due to the adjustment of their shares' prices.

As of the end of November, shares of 117 titles of 103 issuers were listed on KASE, of which shares of four titles of four issuers were admitted to circulation in the "Unlisted securities" sector.

The volume of trading in shares in November made up KZT11.7 bn, having decreased by 12.0 %, or KZT1.6 bn compared to October. The entire trading volume fell on the secondary market. The number of transactions increased by 60.0 % to 46,277. The average daily trading volume made up KZT533.1 mln, the average daily number of deals - 2,104, the average volume of one deal - KZT253.5 th.

In terms of the main categories of investors, the share of individuals accounted for 44.9 % of the total volume of transactions with shares. The share of broker-dealers amounted to 14.4 %. Other institutional investors accounted for 12.2 %, other legal entities - for 28.4 %. Participation of non-residents is estimated at 2.4%.

KASE INDEX

The value of KASE Index in November decreased by 2.2 % and by the end of the month amounted to 3,064.93 points. Relative to the beginning of the year, KASE Index recorded minus 16.6 % by the end of November, offsetting the 50 % drop in the first half of the year.

The volume of transactions with index shares in November 2022 amounted to KZT3.1 bn, which is by KZT9.4 bn below October 2022. The largest trading volume fell on common shares of Kcell JSC - KZT945.8 mln (31.0 % of the total trading volume with index shares) and common shares of Halyk Savings Bank of Kazakhstan JSC - KZT685.5 mln (22.4 % of the total trading volume with index stocks).

	Trading		Price, tenge per share	Trading volume, mln tenge
Issuer
as of	as of
code	Δ, %	November	October
	01.12.22	01.11.22
Kaspi.kz JSC	KSPI	33,600.01	30,600.00	+9.8	384.4	210.1	+174.3
Halyk Savings Bank of	HSBK	121.89	118.13	+3.2	685.5	1,016.5	-331.0
Kazakhstan JSC
Kcell JSC	KCEL	1,540.00	1,535.00	+0.3	945.8	2,641.4	-1,695.6
KEGOC JSC	KEGC	1,568.00	1,580.01	-0.8	120.4	41.4	+79.1
Bank CenterCredit JSC	CCBN	607.01	620.00	-2.1	156.7	2,090.8	-1,934.1
National Atomic Company	KZAP	12,549.00	13,163.00	-4.7	207.8	197.3	+10.5
Kazatomprom JSC
Kazakhtelecom JSC	KZTK	26,060.00	31,379.96	-17.0	218.8	60.7	+158.1
KazTransOil JSC	KZTO	563.89	684.97	-17.7	334.6	82.6	+252.0

The main beneficiary of the month were common shares of Kaspi.kz, which gained 9.8 %. The positive trend in Kaspi.kz shares has been maintained since mid-July, during which time they managed to recover 58.5 % in price. On November 23, Kaspi.kz shareholders decided to pay dividends on ordinary shares for the third quarter of 2022 in the amount of KZT600 per share. We remind you that dividends for the second quarter amounted to KZT500 per share.

In the second place, in terms of growth rates, are shares of Halyk Savings Bank of Kazakhstan JSC, which added 3.2 %. The price of the Bank's common shares during the whole month were consolidating in a narrow corridor of KZT117 per share and only in the last trading session followed the increased price of GDRs for shares. On November 17, the Bank announced the sale of the 100 % stake in its subsidiary in Tajikistan "in order to focus on sectors with more priority". On November 18, the published financial statements showed that the Bank's net profit for the nine months of 2022 amounted to KZT417.1 bn, which is by 25.2 % higher than the same period last year.

Shares of another index representative of the banking sector, Bank CenterCredit JSC, closed the month with a decrease of 2.1 %. At the same time, since the beginning of the year, Bank CenterCredit JSC remains the only representative of the index list, trading in the green zone with an increase of 52.5 %.

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Kcell JSC are also in the green zone with a slight increase of 0.3 %. On November 8, the Board of Directors of Kcell JSC approved the financial results for nine months of 2022, according to which the operator's net profit increased by 30 % YoY to KZT32.5 bn. Despite this, consideration of the issue of paying dividends was postponed until the results of the auction for radio frequencies, which is scheduled for the second half of December this year, are received.

Meanwhile, the price of the share of the parent company Kazakhtelecom JSC fell by 17.0 % in November despite the positive news background. On November 22, Kazakhtelecom JSC published its consolidated financial statements for nine months, according to which the Group's net profit increased by a moderate 2.4 % to KZT88.7 bn. The international rating agency S&P Global Ratings on November 23 affirmed the company's rating at BB+ based on the company's stable growth prospects.

KASE GLOBAL SECTOR

As of the end of November there were shares of 46 titles and six ETFs in the KASE Global sector: Van Eck Associates Corporation, BlackRock Fund Advisors, Global X"Management Company LLC and State Street Global Advisors. Since November 18, common shares of Twitter Inc. have been excluded from KASE official list due to their delisting on the New York Stock Exchange, and also removal from the S&P 500 index.

During the reporting month, 2,974 transactions for a total amount of KZT1.2 bn were concluded. Relative to October, the trading volume decreased by 53.5 %, or by KZT1.3 bn, while the number of transactions increased by 24.3 %. The average daily trading volume made up KZT53.2 mln, the average daily number of deals - 135, the average volume of one deal - KZT393.7 th.

Based on results of the month, the largest volume of transactions fell on the following shares:

• Advanced Micro Devices, Inc. (AMD_KZ) - 245 deals for a total of KZT150.2 mln;
• Intel Corporation (INTC_KZ) - 336 deals for a total of KZT133.5 mln;
• Meta Platforms, Inc. (META_KZ) - 220 deals for a total of KZT122.3 mln.

Among the main categories of investors, broker-dealers accounted for 34.1 %, and other legal entities

• for 13.5 % of the total volume of transactions with shares. The largest portion fell on individuals - 52.4 %.

CORPORATE BONDS

The volume of outstanding corporate debt in November 2022 decreased by 1.9 %, or KZT283.0 bn, to KZT14.7 trln (USD31.4 bn).

As of the end of November 2022, corporate bonds of 348 issues of 84 issuers were on KASE official list. In November 2022, nine issues of bonds of 5 issuers (two new ones) were included in KASE official list: one issue each of KazAgroFinance JSC, Mobile World LLP, ASIA PARK LLP, two issues of bonds of Development Bank of Kazakhstan JSC and four issues of TSSP Group LLP. In November, four issues of bonds were excluded from KASE official list: two issues of Kazakhstan Sustainability Fund JSC and one issue of PartnerInterFreight LLP due to the expiration of the circulation period and one issue of NC Kazakhstan temir zholy JSC in connection with their annulment.

The value of the yield index of corporate bonds KASE_BMY in November 2022 increased by 11 b.p. and at the end of the month amounted to 12.21 % per annum.

The volume of trades in corporate bonds on KASE decreased relative to October by 62.6 %, or by KZT349.2 bn, to KZT208.2 bn. The average daily trading volume amounted to KZT9.5 bn (in the secondary market - KZT2.2 bn), the average daily number of transactions - 70 transactions (in the secondary market - 61 transactions), the average volume of one transaction - KZT135.6 mln (in the secondary market - KZT35.4 mln).

In November 2022, the volume of the primary corporate bonds market amounted to KZT160.7 bn, which is by 66.5 %, or KZT319.0 bn, lower than in October:

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• Kazakhstan Sustainability Fund JSC raised KZT137.4 bn by placing 11 bond issues with a yield to maturity of 16.10-17.70 % per annum with maturity of one to seven years;
• Bank CenterCredit JSC raised KZT13.1 bn by placing bonds with yield to maturity of 17.5 % per annum and maturity of 3.1 years;
• TSSP Group LLP raised KZT85.4 mln by placing bonds with yield to maturity of 21.0 % APR and maturity of one year.

In terms of the main categories of investors in the primary corporate bond market, the share of banks made up 30.9 %, that of broker-dealers - 3.1 %,that of other institutional investors - 20.6 %, that of other legal entities - 45.4 %, that of individuals - 0.1 %. The share of non-residents was less than 0.1 %.

The volume of trading in the secondary bond market compared to October 2022 decreased by 38.9 %, or by KZT30.2 bn, to KZT47.6 bn.

In terms of the main categories of investors in the secondary corporate bond market, the share of banks made up 0.2 %, that of broker-dealer organizations - 11.6 %, that of other institutional investors - 15.0 %, that of other legal entities - 64.8 %, the share of individuals - 8.5 %. The share of non-residents was 7.9 %.

GOVERNMENT SECURITIES (GS)

The amount of public debt at face value, traded on KASE, amounted to KZT20.5 trln (USD43.7 bn), having increased in November by 3.6 %, or KZT708.3 bn.

The total volume of trades in GS on KASE amounted to KZT427.5 bn having increased relative to November by 10.9 %, or KZT42.0 bn. Based on November 2022 results, the average daily trading volume amounted to KZT19.4 bn (in the secondary market - KZT6.0 bn), the average daily number of transactions was 15 (in the secondary market - 12), the average volume of one transaction was KZT1.3 bn (in the secondary market - KZT0.5 bn).

The volume of trades in the primary GS market decreased by 11.0 %, or KZT36.4 bn, to KZT295.5 bn. Of these, KZT7.8 bn was raised by the akimdiks of two regions (in order to finance activities provided for in the framework of the implementation of state programs). The Ministry of Finance raised KZT287.8 bn with an average weighted yield of 15.35-15.95 % per annum (at 15.25-16.00 % per annum) by placing bonds with maturity of 2.7 to 6.0 years.

In terms of the main categories of investors in the primary market, the share of banks accounted for 8.6 %, the share of brokers - for 0.7 %, the share of other institutional investors - for 83.3 %, the share of other legal entities - for 7.4 %. Non-residents did not take part in the primary GS market.

The trading volume in the secondary market increased 2.5 times, or by KZT78.4 bn, to KZT131.9 bn. The share of trading in the notes of the National Bank in the secondary market amounted to 55.3 %, or KZT72.9 bn of the total trading volume, the share of MEKAM - 42.6 %, or KZT56.2 bn, the share of Eurobonds of the Republic of Kazakhstan - 0.1 %, or KZT183.2 mln. The rest of the volume, amounting to 2.0 %, or KZT2.6 bn, fell on transactions with government securities of foreign states (bonds of the US Department of the Treasury, the Republic of Türkiye, Austria and the Sultanate of Oman).

In terms of the main categories of investors in the secondary market, the share of banks accounted for

32.5 %, the share of broker-dealers - for 3.5 %, that of other institutional investors - for 4.9 %, that of other legal entities - for 58.5 %, the share of individuals - for 0.7 %. Participation of non-residents is estimated at 0.3 %.

BONDS OF INTERNATIONAL FINANCIAL ORGANIZATIONS (IFOs)

As of the end of November, KASE trading lists included bonds of 39 issues of four international financial organizations: the Eurasian Development Bank, the European Bank for Reconstruction and Development, the International Finance Corporation and the Asian Development Bank.

In November 2022, one issue of bonds of the European Bank for Reconstruction and Development was included in KASE official list. In November, one issue of bonds of the Eurasian Development Bank was

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excluded from the "Securities of International Financial Organizations" sector due to the expiration of the circulation period.

In November, the volume of trading in bonds of international financial organizations decreased by 49.4 %, or KZT15.8 bn, compared to the previous month and amounted to KZT16.2 bn. The average daily trading volume amounted to KZT736.5 mln (on the secondary market - KZT9.2 mln), the average daily number of deals - one deal, the average volume of one deal - KZT648.1 mln (on the secondary market

• KZT9.2 mln).

One issue of the European Bank for Reconstruction and Development for the total amount of KZT16.0 bn at 15.35 % per annum was placed on the primary market in the sector of bonds of international financial organizations.

In terms of the main categories of investors in the primary market, the share of institutional investors is

56.3 %, the share of other legal entities is 43.8 %. Non-residents did not participate in the primary MFO market.

In November 2022, the volume of trading in the secondary market compared to October decreased by 96.4 %, or by KZT5.4 bn, having amounted to KZT203.3 mln.

In terms of the main categories of investors in the secondary market of bonds of international financial organizations, the entire volume fell on the accounts of legal entities.

UNITS OF INVESTMENT FUNDS

As of December 1, 2022, there were 21 instruments of investment unit trusts managed by seven management companies and six ETFs in the "Securities of investment funds" sector.

In the reporting month, the trading volume amounted to KZT1.7 bn having increased 8.1 times, or by KZT1.5 bn, compared to October 2022. In terms of the main categories of investors, individuals accounted for 13.7 %, broker-dealer organizations - for 14.2 %, other legal entities - for 72.1 %. The share of non-residents was 8.1 %.

DERIVATIVE SECURITIES

As of December 1, 2022, global depositary receipts (GDRs) of five issues, the underlying assets of which are common shares of NAC Kazatomprom JSC, Halyk Savings Bank of Kazakhstan JSC, Kaspi.kz JSC, Kaspi.kz JSC, Kazakhtelecom JSC and ForteBank JSC were on KASE official list.

The volume of trading in November 2022 amounted to KZT1.1 bn having increased relative to October 2022 18.8 times, or by KZT1.0 bn. In terms of the main categories of investors, 1.8 % fell to the share of individuals, 2.4 % - to brokerage and dealer organizations, 95.7 % - to other institutional investors, 0.1 % - to other legal entities. The share of non-residents was 0.1 %.

ACCOUNTS OF INDIVIDUALS IN THE SECURITIES MARKET

As of December 1, 2022, the Central Securities Depository maintained 522,970 personal accounts opened for 490,519 individuals. By the end of November, individuals registered 48,734 new personal accounts.

FOREIGN CURRENCY MARKET

The volume of trading in November in the foreign exchange market decreased by 47.1 % compared to October to KZT1.7 trln. The average daily trading volume decreased from KZT164.6 bn to KZT79.1 bn, the average daily number of deals increased from 374 to 381, the average volume of one deal decreased from KZT440.5 mln to KZT207.5 mln.

The table below shows the main characteristics of the currency pairs traded on KASE (in parentheses is the change in the indicator against the previous month, the change in the exchange rate reflects the nominal change in the weighted average exchange rate of foreign currency against the tenge).

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