Kyrgyzstan's securities market continues to be dominated by government debt

Trading on the Kyrgyz Stock Exchange at the end of January once again demonstrated the market's high dependence on government securities. Almost 78% of the total volume of transactions was accounted for by treasury bills, which effectively determined the structure of trading during the reporting period.

The key instrument was 12-month government treasury bills worth 169.50 million KGS. The transaction price was 90.40 KGS, and the weighted average yield was 10.5%, which maintains investor interest in short-term fixed-income instruments.

The corporate segment is significantly smaller in scale but remains active due to bonds. The main volume here was formed by subordinated bonds of OJSC Dos-Kredobank, foreign currency bonds of OJSC Kaindy-Kant and ordinary bonds of LLC Stroy Dom. KG. The total volume of transactions with them reached 47.58 million KGS.

The secondary market continues to play a supporting role. During the reporting period, 23 transactions were concluded on it for a total of 0.91 million KGS. Trading was mainly in ordinary shares and bonds of large companies, including OJSC Airports of Kyrgyzstan, OJSC Kyrgyzneftegaz, OJSC Mbank and OJSC Zum Aichurek.

Despite the limited liquidity of certain instruments, almost the entire trading volume — 99.9% — was accounted for by listed companies. In total, the official list of the Kyrgyz Stock Exchange includes securities from 36 issuers.

As of 30 January 2026, the capitalisation of the stock market reached 220.15 billion KGS. The Kyrgyz Stock Exchange Index stood at 6317.61 points, reflecting the stability of the market against the backdrop of the continuing dominance of government instruments.