ANALYSIS: In May of 2006 volume of deals in KASE's repo sector increased by 2.8% to KZT843.4 bn., and market condition practically did not change

/IRBIS, Valeriy Khegay, Andrey Tsalyuk, June 5, 06/ - In May of 2006 Kazakhstan stock exchange (KASE) recorded 2,984 deals in the repo transactions sector for a total of KZT843.4 bn. or USD6,888.1 m. at the current rate effective on deals making dates. This is 66.7% of total turnover of KASE in this month (in April of 2006 - 65.5%). In comparison with April of 2006 volume of transactions increased by KZT22.9 bn. ($402.6 m.) or by 2.8% (by 6.2% in dollar terms). Relative to May of 2005 volume of transactions has grown by KZT153.4 bn. ($1,639.5 m.) or by 22.2% (by 31.2% in dollar terms). Stake of exchange's turnover in total volume of repo deals on Kazakhstan market in May on comparable operations totaled 95.0%, in April of 2006 - 98.9%. Structure of repo market turnover on KASE in May was as follows: - the stake of automatic repo transactions was 91.8% of the sector's turnover (KZT774.4 bn.), including deals in government securities (GS) - 71.7% (KZT604.5 bn.), deals in corporate securities (CS) - 20.1% (KZT169.9 bn.); - the stake of repo transactions made by nego deals method, was 8.2% of the sector's turnover (KZT69.0 bn.), including deals in GS - 1.1% (KZT9.0 bn.), deals in CS - 7.1% (KZT60.0 bn.). For comparison, structure of stock exchange's repo market in April of 2006 was as follows: autorepo - 90.4% (GS - 70.5%; CS - 20.0%); repo by nego method - 9.6% (GS - 1.6%; CS - 8.0%). Relative to April given sector of exchange market practically did not change. As before excessive tenge liquidity of participants and exclusively low cost of most liquid short money determine market's condition. The tables below characterize KASE's repo sector in May of 2006 on opening transactions in tenge (stake of the market in headings of tables is given in accordance with the actual volume of transactions, including repo opening and closing deals; information on direct deals with CS (7.1% of market) for the first time are not published due to very big size of the table). Automatic repo with GS - 71.7% of the market --------------------------------------------------------------------------- Repo rate, % APR Instrument ------------------------------------- Volume, Num- Stake of (currency, on first mini- maxi- on last weighted m. ber of market, term, days) deal mum mum deal average KZT deals % ----------- -------- ----- ----- ------- -------- --------- ------ -------- KZT_001 1,00 0,10 2,50 0,12 0.63 239 079,1 683 78,22 KZT_002 0,50 0,50 1,50 0,75 0.55 32 440,0 31 10,61 KZT_003 0,50 0,50 1,00 1,00 0.52 8 030,0 9 2,63 KZT_007 1,30 1,20 3,00 3,00 1.55 15 054,0 53 4,93 KZT_014 2,00 1,90 2,40 1,90 2.04 1 620,0 9 0,53 KZT_028 4,00 2,00 4,00 3,00 2.60 9 435,0 36 3,09 ----------- -------- ----- ----- ------- -------- --------- ------ -------- TOTAL 305,658.1 821 100 --------------------------------------------------------------------------- Automatic repo with CS - 20.1% of the market -------------------------------------------------------------------------- Repo rate, % APR Instrument ------------------------------------- Volume, Num- Stake of (security, on first mini- maxi- on last weighted m. ber of market, term, days) deal mum mum deal average KZT deals % ----------- -------- ----- ----- ------- -------- -------- ------ -------- ASBNb4_001 3.00 100.0 1 0.11 ASFI_030 6.00 6.00 6.00 6.00 6.00 8,416.0 10 9.52 ASFIb5_001 1.80 1.70 3.00 2.60 2.01 6,593.0 11 7.46 ASFIb7_001 1.80 200.0 1 0.23 ASFIb7_030 5.50 1,000.0 1 1.13 ATFB_001 1.70 1.70 5.00 3.00 2.83 2,573.0 6 2.91 ATFB_007 3.75 540.0 1 0.61 ATFB_028 9.00 7.00 9.00 7.00 8.63 427.0 4 0.48 ATFBb4_001 3.00 690.0 1 0.78 ATFBb5_001 2.80 2.80 2.80 2.80 2.80 235.0 2 0.27 BTAIb5_001 3.00 145.0 1 0.16 BTAS_001 3.00 3.00 3.00 3.00 3.00 109.1 2 0.12 BTAS_007 7.00 7.00 7.00 7.00 7.00 1,781.4 10 2.02 BTAS_030 7.00 6.00 7.50 7.00 6.97 30,405.9 49 34.41 CSBNb5_001 2.50 145.0 1 0.16 HSBKb3_014 5.50 167.0 1 0.19 KKGB_028 8.00 5.50 8.00 7.00 6.80 372.0 4 0.42 KKGBp_001 4.00 4.00 6.50 6.50 5.66 301.0 2 0.34 KKGBp_028 7.50 6.50 8.00 8.00 7.73 1,971.0 7 2.23 KZTC_001 4.00 1.00 6.50 3.00 3.06 8,419.2 48 9.53 KZTC_007 5.80 5.00 6.00 5.50 5.72 6,669.1 28 7.55 KZTC_028 6.50 6.00 9.00 7.00 7.59 3,881.1 25 4.39 KZTC_090 9.20 250.0 1 0.28 KZTCb1_003 5.45 12.0 1 0.01 KZTK_007 6.00 8.0 1 0.01 NRBNb4_001 3.00 1.70 4.00 4.00 2.52 1,135.0 6 1.28 NRBNb4_014 7.00 7.00 7.00 7.00 7.00 224.0 2 0.25 NRBNp6_028 6.50 6.50 6.50 6.50 6.50 354.0 6 0.40 ORDB_007 5.60 76.0 1 0.09 ORDB_014 7.00 6.00 7.00 6.00 6.50 48.0 2 0.05 ORDB_028 6.50 76.0 1 0.09 ORDB_090 8.00 8.00 8.00 8.00 8.00 499.0 2 0.56 PRKRb1_003 5.45 24.0 1 0.03 ROSA_030 11.00 234.0 1 0.26 TEBN_090 8.00 287.0 1 0.32 TEBNp_028 6.35 36.0 1 0.04 TSBNb1_028 6.40 78.0 1 0.09 TSSMb1_028 9.00 250.0 1 0.28 TXBNb1_028 6.30 32.0 1 0.04 TXBNb2_028 6.30 31.0 1 0.04 UTMK_001 9.00 9.00 9.00 9.00 9.00 2,500.0 5 2.83 UTMK_007 9.00 9.00 9.00 9.00 9.00 1,000.0 2 1.13 UTMK_030 9.00 8.00 9.00 9.00 8.42 4,806.1 10 5.44 VTBN_001 3.50 3.50 4.50 4.50 3.72 68.0 3 0.08 VTBN_007 6.00 5.00 6.50 6.50 5.76 768.0 16 0.87 VTBN_028 8.00 8.00 8.00 8.00 8.00 300.0 6 0.34 VTBNb3_007 5.00 5.00 5.00 5.00 5.00 131.0 3 0.15 ----------- -------- ----- ----- ------- -------- -------- ------ -------- TOTAL 88,368.0 292 100 -------------------------------------------------------------------------- Repo on direct deals with GS - 1.1% of the market ----------------------------------------------------------------------------- Repo rate, % APR Term of ----------------------------------------- Volume, Num- Stake of repo, on first mini- maxi- on last weighted m. ber of market, days deal mum mum deal average KZT deals % ------- -------- ----- ----- ------- -------- ------- ------ -------- 1 1.00 0.70 1.00 0.70 0.83 2,000.0 3 67.74 2 0.32 0.32 0.35 0.35 0.33 300.0 3 10.16 3 0.35 0.35 0.35 0.35 0.35 300.0 3 10.16 4 0.30 100.0 1 3.39 14 2.70 44.8 1 1.52 15 2.70 9.5 1 0.32 25 3.02 3.02 3.02 3.02 3.02 98.2 3 3.33 45 3.51 100.0 1 3.39 ------- -------- ----- ----- ------- -------- ------- ------ -------- TOTAL 2,952.5 16 100 ----------------------------------------------------------------------------- [2006-06-05]