The Kazakhstan Stock Exchange (KASE) Index increased by 72% y/y to July 19, Frontera analytics agency reported on July 25.
The rise in the index was primarily driven by the materials sector, which grew by 72% ytd, and the financials sector, which moved up 41% ytd. The KASE Index was up 30% ytd.
The Almaty-based Kazakhstan bourse benefited last year from the government’s “People’s IPO” programme and exchange rate volatility. But its future is unclear, as the government intends to set up a rival exchange at the Astana International Financial Centre (AIFC).
The AIFC will offer special economic perks to attract legal and financial services companies, international banks and traders. Some Kazakhstan analysts hold doubts about the AIFC. The country has already attempted to launch a financial hub as part of AIFC, an initiative, taking in KASE, which has failed to reap anything like satisfactory results. Still, the AIFC’s selling point - a legal regime based on English common law - has stirred some interest among international investors.
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