/Vedomosti, Alexey Rozhkov, April 19, 07, title by IRBIS/ - Investors, purchasing the shares of Kazakhstan companies, now can orient on index, which Aton had started to calculate. The index will base upon shares of 10 Kazakhstan companies.

"The stock market of Kazakhstan is not so developed as Russian, but is more liquid than market of Ukraine", - tells the main trader of Troyka Dialog Timur Nasardinov. The country for several years attracts the attention of Russian and foreing investors, however there is yet no representative index, on which the investors may orient", - affirms the analyst of Aton, Juliya Bushuyeva. For example, into the index of the local exchange KASE are not included the securities of Kazakhmys, Arawak Energy and Celtic Resources, which now are not traded in Kazakhstan. In Aton was decided, that the task for investors on observation over Kazakhstan market should be simplified and had introduced the index of the most liquid Kazakhstan issuers.

Into the index ATONKZEI are included shares of 10 companies, these are: Arawak Energy, Celtic Resources, Kazmunaygas, Shalkiya Zinc, Steppe Cement, Kazakhgold, Kazakhtelecom, Kazakhmys, Kazkommertsbank and Halyk bank. Into the estimation of the new instrument had entered the securities of companies, capitalization of which is not less than $150 m., and average day turnover - about $100,000.

Since the beginning of year the index ATONKZEI grew by 2.1%, and KASE - by 7.11%. More than 80% of joint cost of companies, included into ATONKZEI comes on shares of issuers, located abroad - on the exchanges of London, Toronto, New York. Index will be reconsidered each three months, but companies that will conduct the IPO and correspond the criteria of Aton, will be included into it immediately, Bukusheva added.

Almost no one of investment banks have the special Kazakhstan indexes, tell the strategist of Renaissance Capital, Ovanes Oganisyan. In the index ABN Amro Kasachstan Total Return Index Zertifikat (eight companies are included I to it) are almost the same shares, as Aton has. And the company MSCI Barra, calculating the index MSCI Russia, yet do not have the separate instrument for issuers form Kazakhstan, had informed the representative of MSCI Barra.

Investors in Kazakhstan are interested with securities of Heat-electric companies, non-ferrous and ferrous metallurgy, and also banks, Nasardinov notes. The new indexof Aton is the inetersting instrument, which will help to orient on the local market for those who already is working on it, and also those investment funds and companies, who are going to work in Kazakhstan, the leading portfolio manager of UFG Asset Management Svetlana Le Gall is sure: "We will watch for this index".

[2007-04-19]