Beyond The Usual Markets: Discover Kazakhstan September 17, 2026
A Closer Look At Kazakhstan
As Kazakhstan gains popularity as a travel destination across Central Asia, attention is slowly shifting from tourism to opportunity. What many don’t realise is that the same country attracting visitors today is also offering high-yield, under-owned investment opportunities that global markets have yet to fully price in.
Most investors today are crowded into the same trades — US tech, India growth, or China recovery. But some of the most compelling opportunities are often found where few are looking.
Kazakhstan is one of those markets.
It is not a headline market. It is not widely covered. But that’s exactly where its opportunity lies.
This article breaks down why Kazakhstan deserves a place in your portfolio — and how you can actually invest in it.
Why Kazakhstan, And Why Now?
Kazakhstan is the world’s ninth-largest country by area, the world’s largest uranium producer, and a top-ten oil exporter. Its stock exchange, Kazakhstan Stock Exchange (KASE), has quietly delivered 40% returns over the past 12 months, beating most developed and emerging markets. Yet non-residents account for just 8.3% of trading volume. The institutional wave has not arrived yet.
We believe this represents a genuine early-mover window. The Astana International Financial Centre (AIFC), modelled on Dubai’s DIFC and backed by a 2026–2028 strategy to attract sovereign wealth funds and global pension capital, has already channelled $21.5 billion in structured investment since inception, including $7.2 billion in 2025 alone. The infrastructure is being built to handle institutional money at scale. The question is whether your portfolio is positioned before that happens.
Four Reasons This Market Stands Out
| Exceptional Income Yield Halyk Bank, Kazakhstan’s largest lender, offers a dividend yield of 11–13% — ranking in the top 1% of banks globally. Other KASE names offer 6–10%. At a P/E of ~4×, income investors are being paid to wait. | Tax-Efficient By Design Dividends and capital gains from actively-traded KASE-listed shares can attract 0% withholding tax (WHT) for foreign investors — a structure that is genuinely rare among emerging or frontier markets. |
| Real Economic Growth GDP grew 6.5% in 2025 — the fastest pace since 2011 — driven by record oil output, infrastructure investment, and the expansion of trade corridor logistics linking China to Europe. | Critical Minerals Optionality Kazakhstan holds 12% of global uranium reserves and is a major copper and rare earth producer. As supply chains diversify away from single-country concentration, this positions KZ as the critical minerals hub of the next decade. |
The Tax Advantage: Plain And Simple
Kazakhstan’s tax regime for foreign investors in listed equities is one of the most favourable we have seen in any comparable market. Here is what matters most when investing through our platform.
| Dividends — 0% Withholding Tax (WHT) Shares that are actively traded on KASE (meeting monthly volume and transaction thresholds) qualify for a full withholding tax exemption on dividends for foreign investors. You may confirm your status with our Global Markets Desk before each position. |
| Capital Gains — 0% For Individuals Non-resident individuals pay zero tax on capital gains from shares traded on the open market via KASE. For legal entities, gains are exempt after a 3-year holding period in non-subsoil-user companies. | 53 Double-Tax Treaties Kazakhstan’s double tax treaty (DTT) network covers Singapore, the US, UK, Germany, and most EU states. Investors from treaty countries benefit from further protection and potential rate reductions on non-exempt income. |
Tax-related information provided is for general guidance only. Please consult your tax advisor for confirmation and clarification.
Five Stocks To Start With
These five names represent the most liquid, transparent, and well-covered companies on KASE across five distinct sectors. Each was chosen for accessibility and suitability for investors new to the market.
Risks To Keep In Mind
| Tenge Depreciation KZT forecast at 600–610 per USD by end-2026. At HSBK’s 13% yield, the income more than offsets expected FX drag. For capital-focused positions (AIRA, KMGZ), the buffer is thinner. |
| Oil Price Sensitivity Kazakhstan remains highly sensitive to oil prices, with crude strength supporting fiscal revenues, the tenge and KMGZ earnings. With Brent currently above USD 100/barrel, the oil-price backdrop is supportive of Kazakhstan’s macro outlook and energy sector profitability. However, a sustained reversal in crude prices would remain a key downside risk given the economy’s continued reliance on hydrocarbons. | Liquidity And Order Depth Outside HSBK and KMGZ, order books can be thin. Always use limit orders on KZTO, KCEL, AIRA, and ASBN. Do not place market orders on mid-cap names — you risk moving the price against yourself before the order fills. |
Trade Kazakhstan With POEMS
Kazakhstan-listed shares are now available for online trading through POEMS.
| Trading Hours (SGT) | |
| Pre-Opening Session | 2:20PM – 2:30PM |
| Main Continuous Session | 2:30PM – 8:30PM |
For more information, visit POEMS or contact our Global Markets Desk at talktoglobalmarkets@phillip.com.sg.
Disclaimer
Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.
About the author
Global Markets Desk (Asia Market)
The Global Markets Desk Asia Market Dealing team specializes in managing Asia Markets, covering key regions like Greater China, Malaysia, Japan, Thailand, and others. In addition to executing client orders, they also provide educational content through market journals and webinars, offering insights into macroeconomics, stock picks, and technical analyses for the Asia market landscape.
Snowflake Inc – Growth from Rising Coding and AI Agent Activities 
City Developments Limited Charts Clear Growth Path with Strategic Overhaul 
Phillip Securities Research: Monday Morning Call – Key Market Updates and Investment Insights – 28 Sep 2026 
Phillip Securities Research Morning Call: Market Updates and Strategic Outlook – 5 Oct 2026 
