The first quarter of 2025 showed stable and confident activity on the stock exchanges of Kyrgyzstan. This period unfolded against the backdrop of positive economic growth in the country: Kyrgyzstan’s GDP increased by 11.7% in the first four months of the year. International experts, such as the Asian Development Bank (ADB), also forecast steady growth of Kyrgyzstan’s economy by 8.5% in 2025 and 8.6% in 2026. Inflation is expected to hover around 6.0% in 2025. Such a favorable economic environment creates good conditions for the development of the securities market.

Overall Trading Volume (Stocks and Bonds):

The stock and bond markets demonstrated stable activity throughout all three months of the first quarter. The high frequency of transactions, particularly in leading companies, indicates a sustained level of investor interest. The volume of individual bond transactions is generally lower than that of actively traded stocks, but their consistent presence in trading points to a stable and active corporate bond market.
We did not observe any significant spikes or drops in overall trading volume across the months, which suggests a continued steady level of activity.

Top Performers by Trading Volume:

Among stocks: 
OJSC Manas International Airport emerged as the undisputed leader in terms of both trading volume and number of transactions. Its shares consistently demonstrate high activity, reflecting strong investor interest.
Other notable players in stock trading include:
– OJSC National Electric Grid of Kyrgyzstan with a new issue of 20 billion KGS,
– OJSC Electric Power Plants (10 billion KGS),
– OJSC State Mortgage Company (5 billion KGS),
– Optima Bank (3.5 billion KGS).
These companies contribute to market diversity, and their presence and significant trading volumes were noticeable throughout all three months—though possibly with fewer individual transactions compared to Manas International Airport.
 Also worth mentioning are OJSC Bai-Tushum Bank, OJSC Logic, and OJSC Virtual Asset Issuer, all of which contributed to the dynamics and activity of the securities market within the Stock Exchange of Kyrgyzstan (FBK-BTS).
Among bonds:
 LLC Stroy Dom and CJSC Microfinance Company Elet Capital consistently acted as key issuers in the bond market, with regular transactions throughout the quarter totaling over 100 million KGS.

Liquidity Trends:

Stocks:
The high liquidity of Manas International Airport shares was the standout feature of the market this quarter. Frequent transactions and relatively small bid-ask spreads indicate that these shares are easy to buy or sell.
The liquidity of other stocks varied, meaning some securities are traded more actively than others.
Bonds:
 Bond market liquidity was generally stable. While bond transactions occur less frequently than the most popular stocks, the consistent presence of deals in key bonds indicates a well-functioning market.

Price Dynamics: Stability vs. Fluctuations

Prices of individual stock and bond transactions often appeared relatively stable on a day-to-day basis. However, for highly active stocks such as Manas International Airport, the consistently high trading volume throughout the three months strongly suggests continuous intraday pricing and fluctuations driven by ongoing supply and demand interactions for each transaction.

Overall Market Behavior in Q1 2025

The Kyrgyz Stock Exchanges demonstrated stable and steady activity in the first quarter of 2025. Shares of Manas International Airport remained the clear leader in terms of trading volume and showed high liquidity, but Electric Power Plants and Teplishny also showed significant activity in the securities market. The continuous flow of transactions, supported by a favorable macroeconomic backdrop, points to a healthy and functioning securities market in Kyrgyzstan.