Published
09/03/2025, 14:24The Kyrgyzstan stock market is undergoing a significant transformation. While banks and insurance companies accounted for the lion's share of all issues in 2023, the focus shifted to the real sector in 2024.
According to the Financial Supervision Authority, 165 securities issues were registered in 2024 for a total amount of 243.3 billion KGS. This is 35.9 billion more than a year earlier, when, with a larger number of issues (175), the volume of issues amounted to 207.4 billion KGS.
The financial sector is still in first place, but the volume has decreased to 126.2 billion KGS (from 84% to 52% of the total volume of issues).
Other players have entered the vacant space. The volume of issues in the energy sector has grown almost ninefold, to 97.8 billion KGS. A significant part of this is accounted for by the state-owned company OJSC National Electric Grid of Kyrgyzstan, whose issues in 2024 amounted to 28.4 billion KGS. Transport and logistics followed the energy sector, increasing their issues from 12.1 billion to 15.8 billion KGS.
Sectors that were less visible before also became more active. The hotel business, where the volume of emissions in 2023 was symbolic, 100,000 KGS, attracted 585.4 million over the year. Manufacturing and mining also increased their issuance to 1.2 billion (from 300,000 KGS) and 200 million (from 100,000 KGS), respectively.
Thus, in one year, the Kyrgyz stock market has become more diversified. Whereas previously it was practically monopolised by financial institutions, other sectors are now making their presence felt.
