/REUTERS, Almaty, Mariya Golovnina, Olzhas Auezov, October 12, 07/ - Government of Kazakhstan next week will start the purchasing on foreign markets of shares of domestic issuers, whose quotations decreased due to liquidity crisis, the prime-minister Karim Massimov informed on Friday.

Analysts are doubting in effectiveness of such measures, calling the support of banks' liquidity more useful.

The order to spend the funds of state budget for purchase of shares abroad was given by president Nursultan Nazarbayev.

"Next week we'll actively deal with this questions", - told Massimov about the purchasing of shares, but did not call the concrete issuers.

"We'll deal with it, till shares of companies come back to initial costs", -he added, specifying that the speech is about rates of August.

Prime minister also did not tell how much money the government is ready to spend on interventions.

"It will depend on market, on situation", - he told.

On London stock exchange are traded the shares of Kazakhstan Kazkommertsbank, Halyk bank, Alliance bank and Chagala developer, which decreased in prices on the background of world liquidity crisis.

Except, on the exchange of London are represented the not touched with crisis securities of copper giant Kazakhmys, oil producing EP Kazmunaygas, gold producer KazakhGold and number of less big companies.

"LACK OF PROSPECTS AND EFFECTIVENESS"

Idea of state intervention to the stock market had meet the scepsis form some economists.

"Any attemtps of such state intervention are lack of perspectives and effectiveness in long term perspective", - Vladimir Osakovskiy, the economist of Russian company Aton Broker had commented the intentions of Kazakhstan government.

"Even recourses of state can not go against the market".

By the words of Osakovskiy, short term growth of prices as the result of their purchasing by powers would give other investors the chance to get rid of securities.

Beforehand the president of Kazakhstan had charged the powers to find $4 bn. for providing of support to banks, experiencing difficulties in connection to global liquidity crisis.

"The measure offered by Nazarbayev yesterday is much more effective", - Osakovskiy told

Prime minister also informed that because of global liquidity crisis the government had reduced insignificantly the forecasts of GDP growth for this year - to 9.5% from 9.9% at the background of sudden decrease of credit activity of banks and slowing of building sector.

Earlier about possibility of decelerating of GDP growth of the country after difficulties of banking system was informed by Central bank of Kazakhstan and ICF.

[2007-10-16]