/IRBIS, June 1, 00/ - In late May of the year 2000 capitalization of the Exchange market for corporate securities of Kazakhstan (A+B+N without SBS) was estimated at $1,89.1 mln, or KZT240,357.2 mln at tenge to dollar rate of the Exchange, effective on that date. At the beginning of May corresponding figure was at $1,625.7 mln, or KZT230,861.5 mln. Within a month capitalization rose $63.4 mln, or 3.9% in terms of dollars.

Change in the capitalization in May was caused mainly by a growth in market values of the shares from official list of KASE under category "A": common inscribed shares of OJSC "SHNOS" (trade code SYRG) and preferred inscribed shares of "Kazakhtelecom" (trade code KZTKp).

Within a month the shares of OJSC "SHNOS" rose from $1.05 to $1.63, or 55.2%. It increased the market capitalization of the company from $86.8 mln to $134.8 mln and total capitalization of the market by 3.0%.

It is worth to note, that the deals at $1.05 and $1.63 were made in the trade system of KASE using the counter auction mode, that is they were made by purely market methods. Moreover, the last price of SYRG shares was registered with the volume of the deal at $211.8 th. - quite large for local market.

In May preferred shares of "Kazakhtelecom" grew from $4.0 to $8.88, or 122.0%. For some deals the price of KZTKp reached $14.36 per share in May. Resulting change in the price of the securities caused the capitalization of the company to increase by $5.9 mln, from $314.8 mln to $320.8 mln, and total market capitalization of the market by 0.4%.

Like with OJSC "SHNOS", the last price of KZTKp in May was registered with noticeable (for preferred shares) volume of the deal - $33.7 th. Total monthly turnover in this financial instrument equaled $88.6 th.

The second reason for the capitalization of PIS market to grow in May was the restructuring the securities lists of the Exchange. Removal of OJSC "Neftechimbank" shares from "B" listing (the market capitalization at the removal time - $1.8 mln) was fully compensated by an appearance of the securities from OJSC "VALUT-TRANZIT BANK" (nominal capitalization - $7.0 mln). The shares of OJSC "Aktiubneftesvyaz", OJSC "Atyraumunaionimderi", OJSC "Bailanys", OJSC "Jairemskii GOK", OJSC "Kaspii Munai Bailanys", OJSC "KazTransGas", OJSC "Munaiaspap", and OJSC "Ontustikmunaigas" have appeared on non-listed securities trade floor. However, appearance of new securities on organized market of the country caused its capitalization to grow only $6.3 mln, or 0.39%.

It should be noted that new securities come from the companies of oil and gas sector.

It should be noted also that decrease in value of JSC "AZ Etalon" shares ("Non-listed securities" sector, second admittance level, trade code ETLN) had a negative impact on the market capitalization in last month. After a long break (from September 1998) a series of direct deals (made on preliminary agreement) for $328.1 th. were made at KASE. Based on the last series of deals ($142.5 th.) the price of ETLN was registered at $132.82 per share, and as a result, the capitalization of the company fell from $11.8 to $1.3 mln.

As of late May (corresponding figures for late April, 2000 are given in parentheses) in trade lists of KASE there were: 68 (59) PIS of 48 (39) issuers and 4 (4) state blocks of shares.

The agency IRBIS draws the attention to the fact, that due to the narrowness of Kazakhstani market for PIS, these given dynamics of the share prices do not reflect the results of financial and economic activities of their issuers and was influenced by exclusively local conjuncture.