The second quarter of 2025 was marked by a noticeable increase in activity on the Kyrgyz stock market. This period coincided with the continuation of a positive economic backdrop: according to forecasts by the Asian Development Bank (ADB), Kyrgyzstan’s GDP will grow by 8.5% in 2025 and 8.6% in 2026, while inflation will remain at around 6%. The favorable macroeconomic environment contributed to increased trading in securities, especially in the energy and banking sectors. The main sectors contributing to economic growth are:
– services: its share in GDP was 52%.
– industry: in the first quarter of 2025, industrial production increased by 14.7%.
– construction: in the first quarter of 2025, construction volumes grew by 8.8%.

1. Overall Trading Volume

In Q2, trading dynamics varied from month to month. In April and June 2025, the stock market saw a greater number of transactions and issuers compared to May. In total, securities transactions involving 39 different companies were concluded in Q2. April was marked by high activity in the banking and oil and gas sectors. May saw a shift in interest towards financial companies and corporate bonds. June was the quarter of energy, with key trading volumes coming from the National Electric Grid of Kyrgyzstan and power stations. Corporate bond transactions remained stable, indicating the continued formation of a sustainable debt instrument segment.

2. Top Performers by Trading Volume
Shares:
Kyrgyzstan’s National Electric Grid is the undisputed leader with a new issue worth 17 billion soms.
Power plants — about 10 billion soms.
Mbank — almost 7 billion soms and the leader in terms of the number of transactions (41 transactions).
Eldik Bank (60 billion soms) and Eurasian Savings Bank (500 million soms in April) were notable for large one-off transactions.
Kyrgyzneftegaz — the leader in terms of the number of transactions in April (85 transactions) — continues to play a significant role.
A large number of transactions for the entire quarter were recorded with Kyrgyzstan Airports shares. There were 10 transactions in April, 8 in May, and 27 in June.

Bonds: The leaders in terms of the number of transactions and volume of securities were:
April: Stroy Dom KG LLC (38 transactions) and Alfa Oil LLC (42 transactions).
May: Microfinance Company Elet-Capital CJSC (28 transactions) and Alfa Oil LLC (26 transactions).
June: CJSC Microfinance Company Elet-Capital (43 transactions) and LLC Alfa Oil (50 transactions).

3. Liquidity Trends
Shares:
Mbank saw high liquidity thanks to frequent trades and stable prices.
Shares in Kyrgyzstan Airports remained attractive but fell in value from KGS 633 (April) to KGS 558 (June).
The activity of credit unions (96 transactions in May) indicates increased interest in low-priced financial instruments.
Bonds:
Transactions remained stable, demonstrating strong investor interest in fixed-income instruments.
The segment leaders, Elet Capital and Stroy Dom, maintained regular trading and confidence in debt instruments.

4. Price Dynamics
Most stocks (e.g., Salym Finance, Teplichny, Eldik Bank) remained stable.
Kyrgyzstan’s airports showed a decline in prices, signaling a possible shift in investor interest.
Uchkun and Zhashkyinvest saw their share prices rise in May and June.
Bond prices of major issuers remained unchanged, confirming their role as a defensive instrument.

Overall Market Behavior in Q2 2025

• The energy sector ranked first in terms of trading volume, with companies in the industry accounting for over 80% of quarterly turnover.
• The banking sector remains significant due to large transactions (Eldik Bank, Eurasian Savings Bank) and regular activity by Mbank.
• The overall trend for the quarter was a shift in investor interest from banks and oil and gas to energy and infrastructure companies.
• Financial companies and microfinance organizations remain an important driver of liquidity.
• Bonds are demonstrating stability and strengthening their role as a defensive instrument.
• Overall, the Kyrgyz securities market showed steady growth and structural expansion.