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ИД «Финансы и кредит»






Finance and Credit

Challenges to Kazakhstan's stock market amid global turbulence

Vol. 26, Iss. 12, DECEMBER 2020

Received: 27 August 2020

Received in revised form: 26 October 2020

Accepted: 9 November 2020

Available online: 25 December 2020

Subject Heading: THEORY OF FINANCE

JEL Classification: G12, G15

Pages: 2658–2677


Nurasheva K.K. М. Auezov South Kazakhstan State University (SKSU), ?ymkent, Republic of Kazakhstan


Filin S.A. Plekhanov Russian University of Economics (PRUE), Moscow, Russian Federation


Kulanova D.A. М. Auezov South Kazakhstan State University (SKSU), ?ymkent, Republic of Kazakhstan


Subject. This article discusses the current problem of the formation and stabilization of the regional stock market in Kazakhstan in the conditions of reduced lending by banks to the real sector of the economy and the reduction of investment opportunities of pension funds.
Objectives. Based on an analysis of the state of the securities market, the article aims to make proposals and recommendations on the organization of issuance and circulation of municipal bonds in the southern region of Kazakhstan and an effective solution to the problem of the regional stock market of Kazakhstan.
Methods. For the study, we used the methods of systems, statistical, and technical and economic analyses, and grouping.
Results. Based on the analysis of the current situation of the banking sector, the article shows statistics of the securities market of Kazakhstan, problems and difficulties. It provides certain recommendations for the development of the stock market in the southern region of Kazakhstan.
Conclusions. The article concludes that the economic mechanism of the region's economy has not been developed properly, the investment activity of banks is insufficient, and the regional stock market is in its infancy.

Keywords: banking system, municipal bonds, stock market, Kazakhstan


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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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Vol. 26, Iss. 12
December 2020