Kazatomprom is among the leaders of growth against the background of a decrease in tenge

External Background.
The S&P 500 reached a new historical high yesterday, increasing by 0.24%. The rise was driven by stocks in the technology sector and large-cap companies. JPMorgan stated that the rally might continue, and options trading is betting that the base index will reach 6200–6300 points this month. Meanwhile, Federal Reserve members made statements that somewhat reduced the losses in the Treasury bond market. Christopher Waller indicated that he was inclined to vote for a rate cut in December, and swaps are pricing in a probability of over 70% for such a move. John Williams noted that "over time" further rate cuts will be necessary. Raphael Bostic stated that he had not yet decided whether further easing was required but supported a rate cut in the upcoming months. Among economic news, the ISM manufacturing index rose to 48.4 in November — the highest since June, signaling stabilization in US manufacturing after a two-year decline. In Europe, stock indices showed significant growth, especially Germany's DAX, which has been performing excellently over the last three trading sessions and is at its highs. In France, tensions escalated yesterday: the far-right party of Marine Le Pen promised to overthrow Prime Minister Michel Barnier’s government after he failed to meet their demands for the new budget. In Asia, among the major indices, only China’s mainland CSI 300 did not rise, despite new US restrictions on China’s access to vital components for chip production and AI technology. Oil is trading at $72 per barrel. A Bloomberg survey shows that OPEC produced 120,000 barrels per day more in November compared to the previous month.

Bonds.
The yield on US 10-year bonds increased by 0.5%, supported by the 50-day moving average.

KASE Index.
The KASE index rose by another 0.7%. The rally has been ongoing since October, with a growth of 9.3%. Yesterday’s session was moderately positive, with one stock providing the majority of the growth. The other stocks did not show significant declines.

Index Stocks.
The leader of yesterday's growth was an exporting company. Previously, we were surprised that Kazatomprom didn’t react to the fall of the tenge, but now we see that this correlation does exist. It is noteworthy that neither the GDRs nor other stocks in the uranium sector showed as much growth as the common stocks in tenge, which points to the link with the increase in tenge revenue due to the currency's weakening. On the LSE, the biggest growth was shown by the People's Bank, which rose by 2.5% after five consecutive sessions of decline. It is important to note that currently, all GDRs and ADS have roughly the same value as the shares on KASE.

Currency.
The currency market situation remains discouraging. On KASE, the last USDKZT transaction was at 522 tenge. The ruble’s growth against the dollar has stopped, while the US dollar strengthened yesterday on the DXY index chart.