Do macroeconomic variables impact stock market returns? Evidence from Kazakhstan.

Globalization has resulted in increasing connectivity the worldwide financial market, as well a plethora of profit potential for international investors through global diversification. The stock also known securities exchange, is one most active businesses, and it plays an important role economic development, benefiting whole industry trade. purpose this study to investigate impact macroeconomic factors on market returns: evidence from Kazakhstan. This analysis uses quarterly data Kazakhstan's indices, gross domestic product, interest rate, inflation currency foreign direct investment 2000Q1 2019Q4. From findings, explained that regulators should keep rate relatively low encourage business, improve external financing rule-based exchange policy. paper recommends both macro returns adequately compensate investments. Keywords: Kazakhstan, variables, markets return, World Bank Indicators