According to data from the National Statistics Committee, Kyrgyzstan’s GDP grew by 10% year-on-year in January–September 2025. The National Bank expects the annual growth to reach 9–9.5%. Inflation slowed to 8.4% in September, indicating a gradual stabilization of prices.

The economic growth has been driven mainly by infrastructure investments, increased construction activity, and rising domestic demand. However, external risks persist: the current account deficit may reach 25% of GDP, highlighting the country’s dependence on external financing.

A favorable business environment is strengthening investor interest in the shares of strategically important companies — in the oil and gas sector, airport infrastructure, and state leasing. Moderate inflation allows institutional investors to adequately assess returns and risks, while growing investments increase the liquidity of the corporate market.

In the third quarter of 2025, the corporate securities market saw a notable revival: after a calm July, trading activity increased in August, and in September transaction volumes reached their highest level of the year. Investors actively bought shares of major infrastructure companies and instruments in the microfinance sector — one of the most stable segments of the market.

Key Trends of the Quarter

1. Significant Growth in Liquidity
The most notable event of the quarter was the sharp increase in trading volumes in September. The spotlight was on the shares of Airports of Kyrgyzstan JSC, where the number of shares sold increased severalfold compared with the summer months. This activity indicates growing investor interest in strategic infrastructure assets.
 A notable trading volume was also seen in Kyrgyzneftegaz, Eurasian Savings Bank, the State Leasing Company, and other issuers, which collectively made September a “peak” month.

2. Prices Remain Mostly Stable
Despite growing turnover, the market did not show significant volatility. Prices for many shares remained within their usual ranges. The main exception was MBank, where the last trade price surged sharply at the end of September, which may indicate either a single large purchase or increased market demand.
The microfinance sector remained almost completely stable: most instruments traded at fixed or near-fixed prices. This especially applies to well-known issuers such as ABN, Elet-Capital, and Salym Finance.

3. Strengthening the Role of MFOs as a “Safe Harbor”
Amid investor caution, the microfinance sector once again confirmed its attractiveness. Prices for most securities in this segment remained stable, and demand was steady. For investors, this is a signal that MFOs remain a reliable component of a balanced portfolio, especially for those with moderate risk tolerance.

4. Banking Sector Activity
Among banks, the standouts were the Kyrgyz Republic Development Bank, Capital Bank of Central Asia, FinanceCreditBank, and the Eurasian Savings Bank. A characteristic feature of this segment is the recurring large one-off deals at fixed prices, reflecting the specific ownership structures and low volatility.

Key Observations by Issuer

Airports of Kyrgyzstan — the main driver of the quarter. Rising liquidity and moderate price volatility indicate the formation of sustained investment interest.
Kyrgyzneftegaz — a gradual decline in the average price amid higher volumes may be of interest to long-term investors.
MBank — the noticeable change in the last trade price in September should be monitored: potential corporate events or rising interest may be driving it.
Salym Finance (preferred shares) — the moderate increase in the average price reflects steady demand for reliable securities.
Infrastructure and state-owned companies continue to show stability amid periodic large transactions.

General Conclusions of the Quarter

The market has become more active — especially in September. Investors are showing interest in the real sector and strategic assets.
Volatility remains low, which is favorable for conservative investors.
The microfinance sector maintains its status as a “stable anchor” of investment portfolios.
Growth potential is most evident in infrastructure companies, where increases in both volumes and investor interest have already been observed.

What Investors Should Expect

Continued liquidity growth if the September trend persists.

New entry points in the banking and infrastructure segments.

Stable returns from microfinance sector securities.

A possible revaluation of certain issuers that saw spikes in activity at the end of the quarter.