The stock market was driven up by a single transaction. What happened at the auction on 20 February?

The trading volume on the Kyrgyz Stock Exchange on 20 February 2026 amounted to 3 billion 502.09 million KGS. The growth compared to the previous period was 49.3 thousand per cent. But behind the dry percentages lies a simple picture: the market actually took one big step — and that's it.

The main event was a deal with ordinary shares of OJSC State Financial Holding. At a price of 1,000 KGS per share, 3.5 million shares were sold for 3.5 billion KGS. One transaction — and almost the entire daily turnover was formed. This is 99% of the total trading volume for the day.

For comparison: ordinary shares of OJSC Airports of Kyrgyzstan were traded at 20,500 KGS — one transaction with a volume of 41 shares at 500 KGS. Subordinated bonds of Dos-Kredobank OJSC added 2 million 70 thousand KGS in three transactions. The rest of the market segments looked modest.

All activity was concentrated in the primary market — 3 billion 502.07 million KGS, an increase of 65.1 thousand per cent. The secondary market practically collapsed, falling by 98.8%. The unlisted sector showed a sharp jump of 3.5 billion KGS, which explains the overall growth.

Formally, the market demonstrated impressive dynamics. In essence, it was a day of one large investor. And this is an important signal: liquidity is still concentrated in spot transactions rather than in broad market activity. The question is not about volume, but about market depth. And it is precisely this that will determine whether the exchange will be able to move from episodic surges to sustainable movement.