January 2022 AIX Market Overview

10 February 2022

The total AIX traded value in January 2022 was USD 11,517,212, decreasing by 17.28% compared to the previous month. The indicator exceeded the traded value for January last year by USD 435,000.

Issuers, Brokers, Accounts

In January, bonds of JSC Pavlodarenergo for KZT 75 billion were included in the AIX official list. Pavlodarenergo is a vertically integrated company that performs energy supply to the Pavlodar region including generation, transportation, and sales of energy resources. The debt capital raised by the issuer will be used for early repayment of the existing loan taken from the VTB group to acquire a controlling stake in CAPEC Green Energy LLP, as well as for the purchase of the remaining stake of CAPEC Green Energy LLP from the existing shareholders. As of January 2021, the total market capitalization of companies listed on AIX (Kazatomprom, Polymetal, Halyk Bank, Ferro-Alloy Resources Limited, Bank CenterCredit, Kaspi.kz, Kcell) exceeds USD 34.6 billion.


In January, the AIXQI value decreased by 13.17% from 1,104.04 points to 958,66 points. The vast majority of index companies ended the month lower amid a global downturn in the stock markets (the fall of the Nasdaq in January is the largest since 2008, while the S&P 500 —  since 2009), as well as pressure on domestic companies stocks was exerted by the tragic events of January, as a result of which investors were inclined to sell shares of Kazakh companies.

Securities of Kazakhstan companies traded on the London Stock Exchange were more negatively affected. The largest decrease was demonstrated in January by Kaspi.kz (-26.77%), Halyk Bank (-21.63%) and Kazatomprom (-14.89%). Share prices of metallurgical companies also showed negative dynamics. Polymetal declined by 19.75% amid the company’s reports about the expected increase in its costs: capital expenditures in 2022 will amount to approximately USD 700 million, which is USD 90 million more than the previous forecast. Polymetal also expects its cash costs to grow by about 20% in 2022 and amount to USD 850-900 per ounce of gold equivalent. Central Asia Metals dropped 14.97% despite the CEO’s January 7 statement that the January events in Kazakhstan did not affect the company’s operations.


KazTransOil, Bank CenterCredit and Kazakhtelecom shares were the least volatile during January – KTO and BCC shares grew by 1.27% and 0.63% respectively, while Kazakhtelecom declined by 1.12%.

In January, Kcell shares were included in the AIXQI index. The mobile operator closed its debut month in the index with a 4.77% increase. The company reported a significant increase in voice and SMS traffic because of disruptions to Internet access during the January events. The average daily voice traffic of the company’s subscribers from January 5 to 10 increased 75% against December 2021. The peak for the service of outgoing SMS was reached from January 8 to 9, amounting to more than 3.6 million SMS per hour, which is 116 times higher than the average for a normal day.

Market Review | January 2022 | Download


These materials should not be considered as an offer to buy or sell securities. Investors and other securities market actors should rely on their own judgment and experience when making a decision to invest in securities. The materials presented herein are for informational purposes only and are based on information from public sources that are considered reliable. The securities described herein may not be available for sale in all jurisdictions or certain categories of investors. The value of the investment can either decrease or increase, and investors may eventually lose the amount originally invested. The prices of investments and return metrics of the investments in the past cannot serve as a guide for evaluating the results of investments in the future. Changes in the exchange rate of foreign currency may also cause a decrease or increase in the value of investments. Other risk factors affecting the value of investments or the return on investments include, but are not limited to, political, economic, credit and market risks. Before making investment decisions, you should seek the advice of an investment consultant. The information provided herein may not be reproduced, redistributed or published in full or in part for any purpose without the written permission of the company. Neither the company nor any of its affiliates assume any responsibility for the actions of third parties in this regard. Additional information and accompanying documentation are provided upon request.