Equities: A Bullish KASE

We are bullish Kazakh stocks over a long-term horizon based on our positive outlook for Kazakhstan's long-term economic potential. Expanding resource and non-hydrocarbon sectors and a rapidly improving business environment, mean we could see gains of almost 30% for the KASE equity index this year alone. That said, fears over Chinese monetary tightening and persistent concerns over Kazakhstan's political trajectory will likely cap potential upside for the index.

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