Halyk Bank, Kazatomprom and KazMunayGas: what stocks Freedom clients trade

The ranking of stocks by trading volume among Freedom’s retail clients is topped by Halyk Bank, Kazatomprom and KazMunayGas. Freedom analysts shared data on trades executed from January through November 6, 2026. The three companies account for 22.19%, 15.21% and 10.86%, respectively. Bank CenterCredit and Kaspi.kz also made the top five.

The ranking reflects the trading volume of Freedom’s retail clients in individual stocks, rather than the number of investors who bought these securities. The top five companies in the ranking account for 61.35% of the aggregate trading volume in the stocks covered by the study. All five issuers are from Kazakhstan, with three operating in the financial sector: Halyk Bank, Bank CenterCredit and Kaspi.kz. Together, they generated 35.28% of trading volume. Another 26.07% came from Kazatomprom and KazMunayGas—the country’s largest commodities companies.

The ten most actively traded securities include not only Kazakh issuers. The list also includes shares of America’s Intel (9th place). This shows that Kazakh investors trade both local and foreign securities.

Halyk Bank: leader by trading volume

Halyk Bank (HSBK) took first place on the list with a 22.19% share. The bank serves individuals and businesses, issues loans, accepts deposits and processes payments.

According to the latest published consolidated financial statements, for the first half of 2026 Halyk posted KZT 447.6 billion ($1 billion) in net profit—15.3% less than a year earlier. Net interest income grew 2.6% to KZT 657.6 billion ($1.47 billion), but the net interest margin declined from 7.3% to 6.8%. The results were affected by higher reserve requirements, tighter regulation of retail lending, and rising costs of client funding.

The next reference point for investors will be the report for the third quarter and nine months. The bank scheduled the conference call on the results for November 23.

In early November, Freedom analysts noted a divergence between the dynamics of the local shares and the bank’s global depositary receipts. In one session, the shares on KASE rose 0.5%, while the receipts in London lost 1.8% and approached technical support slightly above 32.2.

Kazatomprom: sales are rising, profitability risks remain

Kazatomprom (KZAP) ranked second with a 15.21% share. The company mines uranium and supplies raw materials for nuclear power generation. Its share price is influenced by uranium prices, production results, and expectations of demand from nuclear power plants.

Based on third-quarter results, the group’s sales rose 25% year on year, and the average realized price increased 18%. Freedom analysts assessed the operating results as moderately positive, but did not see sufficient grounds to revise the company’s valuation. In the experts’ view, quarterly sales largely depend on delivery schedules. 

KazMunayGas: profits supported by expensive oil

KazMunayGas (KMGZ) accounts for 10.86% in the ranking. The national oil and gas company is engaged in the production, transportation and processing of hydrocarbons.

In the first half of 2026, its revenue increased by 23.7% to KZT 5.57 trillion ($12.44 billion), and net profit including the share in joint ventures and associates rose 69.3% to KZT 904 billion ($2.02 billion). At the same time, oil and gas condensate production decreased by 4.6% to 12.4 million tonnes.

Freedom analysts cited oil prices as the main factor behind the improved results. The average Brent price for the half-year increased by 28.4%, and Kazakhstan’s KEBCO by 26.9%. Constraints in export infrastructure, by contrast, weighed on results: the contribution of the Caspian Pipeline Consortium to KMG’s profit fell 29%. The company plans to publish financial statements for nine months in the second half of November.

Bank CenterCredit: interest income did not offset higher expenses

Bank CenterCredit (CCBN) is in fourth place with a 6.88% share. It provides retail and corporate banking services, including lending, deposits and settlement services.

In a November review, Freedom analysts drew attention to the bank’s nine-month results: consolidated profit fell 16.6% to KZT 181.2 billion (about $404.9 million). Growth in net interest income was accompanied by declines in fee and FX income, as well as an increase in operating expenses.

Earlier, after the second quarter, Freedom raised the bank’s target share price from KZT 4,800 ($10.73) to KZT 5,100 ($11.4) and maintained a “Hold” recommendation. Experts improved expectations for the loan portfolio and non-interest income, but noted that higher costs limit profit growth.

Kaspi.kz: the market is assessing the new forecast

Kaspi.kz (KSPI) rounds out the top five with a 6.21% share. The company combines payment services, e-commerce and financial services, and is also developing a business in Turkey.

In the third quarter, Kaspi.kz’s consolidated revenue amounted to about KZT 1.1 trillion ($2.5 billion). At constant exchange rates, it grew 18%, but in reported terms remained roughly at last year’s level. Net profit also did not change significantly and reached KZT 281 billion ($637 million).

Freedom analysts assessed the results as neutral relative to their own expectations. They cited the main negative factor as a reduction in the 2026 Marketplace GMV growth forecast from 20% to 12%. At the same time, experts noted a slowdown in the growth of interest expenses and a record quarterly net interest income.

Freedom Holding and other top-ten constituents

Freedom Holding Corp. (FRHC) accounts for 3.52% in the presented ranking. The holding company brings together brokerage, banking and insurance companies, and also develops telecommunications and consumer services.

For the first quarter of fiscal 2027, which ended on June 30, 2026, Freedom’s revenue increased 40% year on year to $732.5 million. Net profit totaled $31.7 million versus $37.4 million a year earlier. Brokerage segment revenue rose 60% to $282.6 million, and banking revenue grew 54% to $225.2 million. Total group assets reached $14 billion. 

The top ten also included GB_ALTN.KZ with a 3.23% share, KazTransOil (KZTO) — 2.93%, Intel (INTC_KZ) — 2.71% and KEGOC (KEGC) — 2.10%.

Not an individual investment recommendation.