Recent trends in the global stock market: a macro-level analysis with emphasis on asia and central asia (2023–2025)

Abstract

This study explores recent macro-level trends in the global stock market, focusing on the period from 2023
to mid - 2025, with a special emphasis on Asia and the Central Asian region. Using a combination of empirical trading
data, index performance summaries, and official quarterly reports, the analysis investigates shifts in sectoral dynamics,
volatility patterns, and regional capital flows. Results indicate that while global volatility - measured through the VIX -
remained moderate, there were regional spikes aligned with geopolitical and economic shocks. Central Asia’s stock
exchanges, particularly Uzbekistan and Kazakhstan, exhibited accelerated growth in trading volumes and improved
market participation, driven by digital access and regulatory reform. This paper concludes with strategic recommendations
for market stabilization, including financial infrastructure investment and diversification of traded instruments in emerging
markets.