BAKU, Azerbaijan, Jan. 6
Trend:
Shares of Kazakhstan's largest companies in terms of capitalization dropped on the London Stock Exchange amid the developments in the country, Trend reports citing the Association of Minority Shareholders of Kazakhstan.
The greatest decline accounted for Kaspi company, shares of which plunged by more than 30 percent in one trading day on January 5, 2022.
Besides, shares of Halyk Bank decreased by almost 20 percent, while shares of Kazatomprom, the world's largest uranium producer, fell by 8.8 percent.
Kazakhstan's government announced late Jan. 4 that it was restoring some price caps on liquefied petroleum gas after the rare protests reached Almaty following a sharp rise in the price of the fuel at the start of the year.
Many Kazakhs have converted their cars to run on LPG, which is far cheaper than gasoline as a vehicle fuel in Kazakhstan because of price caps. But the government argued that the low price was unsustainable and lifted the caps on Jan. 1.
After the price of the fuel spiked, big demonstrations erupted on Jan. 2 in certain parts of the country. Public protests are illegal in the country unless their organizers file a notice in advance. Following the development of the situation, the government declared a state of emergency all over the country.