ANALYSIS: In July of 2006 volume of corporate bonds purchase and sale deals on KASE decreased to $180.2 m.

/IRBIS, Assel Omarova, August 10, 06/ - In July of 2006 on Kazakhstan stock exchange (KASE) 255 deals were made in corporate bonds in all sectors of the market (excluding repo-transactions sector) for a total of KZT21,283.2 m. or $180.2 m. at the current rate effective on deals making dates. The stated amount is 72.3% of monthly turnover of corporate security market (in June of 2006 - 73.7%) and 1.5% from the exchange's whole monthly turnover (2.9%). Securities of 42 titles were characterized with positive changes of weighted average dirty prices from the number of 72 bonds titles, involved in deals in July, with negative changes - 24. There was nothing to compare with prices of six new debt instruments. Growth leaders were (at 7.3%) KKGBb2, fall leaders (at 5.2%) - NRBNb2. Four securities showed the growth of dirty day weighted average prices by 5% and more, whereas just one bond was marked with meaningful prices fall. Dynamics of weighted average net prices is characterized by the following statistics. Liabilities of 33 titles out of 72 bonds titles, involved in deals at secondary market, traded under face value in the analyzed month, with bonus - 30 titles. Most repurchased seemed to be KZIKb2 (their weighted average price in this month made 122.59% out of face value), the most resold appeared ASFIb9 (83.67%). In June deals in bonds of 68 titles were conducted at the secondary market, securities of 26 titles were traded with discount, with bonus - 42. The most repurchased were considered to be BTASb3 (114.77%), the most resold - also ASFIb9 (86.33%). Weighted average net price of corporate bonds at the secondaru market in July totaled 103.35%, in June - 99.37%. Profitability of bonds on deals made in July grew for a purchaser at 34 corporate bonds, decreased at 32. The table, reflecting exchange market of corporate bonds on KASE in July of 2006, is given bellow. The table, reflecting market of share instruments on KASE in July of 2006, is given bellow. Statistic characteristic of the corporate bonds market on KASE in July and June of year 2006 -------------------------------------------------------------------------------- Month: ------------------ Trend July June July 2006 against Indicator 2006 2006 June 2006 ------------------------------------------ --------- --------- ----------------- Trades volume, th., USD 180,219.7 315,760.7 -42.9% Trades volume, m., KZT 21,283.2 37,771.2 -43.7% including, on offerings, th. USD 0 14,893.6 X including, on offerings, m. KZT 0 1,797.5 X Number of deals 255 288 -11.5% number of instruments, involved in deals 72 69 +4.3% Stake of nego deals (number), % 16.9 12.5 +4.4 bp Stake of nego deals (volume), % 9.2 7.3 +1.9 bp Part of pension assets, % on gross 27.1 22.7 +4.4 bp Number of exchange's members, of those, who made deals 37 32 +15.6% Market concentration, %* 51.6 63.5 -11.9 bp -------------------------------------------------------------------------------- * it is specified the percentage out of total turnover of corporate bonds, which are numbered by the most traded securities (their quantity is 5% out of the total quantity of titles of corporate bonds, included in trading list of KASE) Change of lists of corporate bonds, traded on KASE, in July of 2006 ------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ----------- ------ ----- ------ ----- A 166 -1 52 -1 B 11 -1 10 -1 ----------- ------ ----- ------ ----- A+B 177 -2 62 -2 ------------------------------------- Notes: "A" - official "A" listing category; "B" - official "B" listing category; "A+B" - official list; by the end of the month, change for the month. Statistical characteristics of corporate bond market on KASE in July of 2006 ------------------------------------------------------------------------------ Month: ------------------- Trend July June July 2006 against Indicator 2006 2006 June. 2006 ---------------------------------------- --------- --------- ----------------- Trade volume, th. USD 180,219.7 315,760.7 -42.9% Trade volume, m. KZT 21,283.2 37,771.2 -43.7% incl. on offerings, th. USD 0 14,893.6 X incl. on offerings, m. KZT 0 1,797.5 X incl. secondary market deals, th. USD 180,219.7 300,867.1 -40.1% incl. secondary market deals, m. KZT 21,283.2 35,973.7 -40.8% Number of deals 255 288 -11.5% incl. at offerings 0 6 X incl. on secondary market 255 282 -9.6% Number of instruments involved in deals 72 69 +4.3% Stake of nego deals (number), % 16.9 12.5 +4.4 bp Stake of nego deals (volume), % 9.2 7.3 +1.9 bp Pension assets participation, % gross 27.1 22.7 +4.4 bp Number of exchange's members, made deals 37 32 +15.6% Market concentration, %* 51.6 65.7 -14.1 bp ------------------------------------------------------------------------------ * percentage from total bond turnover, which falls to the stake of most tradable securities (their number is 5% from total number of names of bonds, included in KASE's trade lists, is shown) Main indicators of KASE's corporate bond market in May of 2006 -------------------------------------------------------------- Market. value of Index Volume of Volume of debt, KASE_BY, Index Index deals, deals, Date USD m. % APR KASE_BP KASE_BC th. USD m. KZT -------- -------- -------- ------- ------- --------- --------- 30.06.06 12,089.6 7.66 193.69 129.14 36,169.2 4,282.8 03.07.06 12,069.0 7.56 194.10 129.61 588.9 69.7 04.07.06 12,070.0 7.61 193.87 129.40 31,081.6 3,677.9 05.07.06 12,072.5 7.58 194.13 129.60 27,397.8 3,239.5 06.07.06 12,061.3 7.55 194.36 129.71 1,076.4 127.5 07.07.06 11,900.9 7.58 194.22 129.55 795.5 94.3 10.07.06 11,916.6 7.52 194.75 129.90 2,493.9 294.9 11.07.06 11,919.4 7.55 194.59 129.75 14,956.0 1,768.7 12.07.06 11,918.1 7.52 194.78 129.87 7,991.5 945.1 13.07.06 11,908.1 7.54 194.79 129.82 4,086.9 484.0 14.07.06 11,912.6 7.53 194.88 129.89 7,751.8 917.7 17.07.06 11,917.1 7.08 194.92 129.85 7,074.3 836.6 18.07.06 11,937.4 7.08 195.05 129.91 7,096.5 837.2 19.07.06 11,951.0 7.09 194.98 129.83 10,153.3 1,195.3 20.07.06 11,975.0 7.09 195.06 129.84 13,039.0 1,529.4 21.07.06 11,974.9 7.08 195.18 129.89 13,011.5 1,525.6 24.07.06 11,963.1 7.06 195.50 130.07 489.8 57.6 25.07.06 11,965.2 7.24 194.28 129.21 7,394.4 872.7 26.07.06 11,958.0 7.04 195.76 130.18 3,736.7 441.5 27.07.06 11,950.8 7.05 195.72 130.14 4,888.0 578.3 28.07.06 11,945.3 7.03 195.88 130.22 5,002.9 592.4 31.07.06 11,944.6 7.03 196.06 130.29 10,113.1 1,197.5 -------- -------- -------- ------- ------- --------- --------- Trend -145.0 -0.63 +2.37 +1.14 -1.2% -8.23% +1.22% +0.89% -------------------------------------------------------------- Summary data by the results of bond trades on KASE in July of 2006 (purchase and sale, including offerings) -------------------------------------------------------------------------------- Volume of deals: ------------------ Num- Market Price of name of th. m. ber of share, change, security Issuer USD KZT deals % % --------- --------------------------- ----------- -------- ------ ------ ------- ATFBb5 ATFBank JSC 19,857.9 2,339.9 10 11.02 -2.85 TEBNb8 Temirbank JSC 16,664.6 1,965.6 4 9.25 X EUBNb3 Eurasian bank JSC 10,246.1 1,211.5 4 5.69 +0.36 KZIKb4 Kazakhstan Mortgage Company JSC 9,749.1 1,152.0 2 5.41 +6.65 KZIKb12 Kazakhstan Mortgage Company JSC 9,722.8 1,147.6 3 5.39 -0.70 HSBKb5 Halyk savings bank of Kazakhstan JSC 9,251.7 1,095.1 6 5.13 -0.78 TEBNb7 Temirbank JSC 8,898.6 1,051.5 3 4.94 +1.07 BTAIb10 Daughter mortgage organization of the joint stock company Bank TuranAlem BTA Ipoteka JSC 8,550.9 1,012.5 1 4.74 X US_MER_e1 Merrill Lynch & Co., Inc 6,736.0 791.5 8 3.74 +3.57 VTBNb3 Valyut-Transit-Bank JSC 6,060.4 715.8 9 3.36 -0.12 VTBNb4 Valyut-Transit-Bank JSC 6,059.7 716.6 2 3.36 +0.32 ASFIb9 Astana-Finance JSC 5,061.9 598.5 3 2.81 -3.21 TXBNb3 TEXAKABANK JSC 3,710.4 437.9 1 2.06 +2.62 ASBNb4 Alliance Bank JSC 3,469.9 409.8 3 1.93 +1.14 KATRb1 KazAgroTrade+ LLP 3,328.6 393.5 35 1.85 +1.45 BTASb4 Bank TuranAlem JSC 3,278.4 387.9 6 1.82 +2.98 KZIKb3 Kazakhstan Mortgage Company JSC 3,064.7 362.6 1 1.70 +1.72 CCBNb9 Bank CenterCredit JSC 2,793.5 330.0 2 1.55 +2.94 ASFIb7 Astana-Finance JSC 2,706.2 320.3 27 1.50 +4.00 KZALb1 Mining and smelting concern Kazakhaltyn JSC 2,681.5 317.1 5 1.49 +0.80 KZIKb2 Kazakhstan Mortgage Company JSC 2,669.6 315.9 1 1.48 -2.67 TEBNb6 Temirbank JSC 2,541.7 300.7 4 1.41 -0.58 ASBNb2 Alliance Bank JSC 2,427.3 285.9 3 1.35 +0.93 HSBKb3 Halyk savings bank of Kazakhstan JSC 2,365.9 278.0 4 1.31 +0.51 TSNAb1 Corporation Tsesna JSC 2,283.1 270.0 1 1.27 VTBNb2 Valyut-Transit-Bank JSC 2,242.4 265.0 5 1.24 +0.69 KZNHb2 Kazneftechim JSC 2,034.6 240.8 3 1.13 +0.95 ASBNb1 Alliance Bank JSC 1,815.2 212.8 2 1.01 +1.71 ASFIb8 Astana-Finance JSC 1,572.3 185.9 1 0.87 X HSBKb Halyk savings bank of Kazakhstan JSC 1,539.4 182.1 2 0.85 +1.26 TSBNb5 Tsesnabank JSC 1,462.2 173.0 2 0.81 X BTAIb4 Daughter mortgage organization of the joint stock company Bank TuranAlem BTA Ipoteka JSC 1,454.5 171.6 8 0.81 +2.81 BTAIb3 Daughter mortgage organization of the joint stock company Bank TuranAlem BTA Ipoteka JSC 1,368.5 161.8 1 0.76 +2.93 VITAb4 VITA JSC 1,355.1 160.0 4 0.75 -0.95 ASFIb5 Astana-Finance JSC 1,347.8 159.2 5 0.75 -0.14 VTBNb1 Valyut-Transit-Bank JSC 1,290.7 152.6 8 0.72 -0.15 HSBKb2 Halyk savings bank of Kazakhstan JSC 1,033.6 121.9 1 0.57 -0.22 KZAPb1 NAC Kazatomprom JSC 965.9 113.9 2 0.54 +0.41 NRBNb4 Nurbank JSC 855.0 101.2 1 0.47 -2.48 TSBNb2 Tsesnabank JSC 837.5 99.2 1 0.46 -0.98 CCBNb4 Bank CenterCredit JSC 684.6 80.9 2 0.38 +1.19 CCBNb3 Bank CenterCredit JSC 527.5 62.5 3 0.29 +4.04 KKGBb2 Kazkommertsbank JSC 472.2 55.9 6 0.26 +7.26 BTASb3 Bank TuranAlem JSC 440.9 52.1 2 0.24 +0.41 ZIG_b1 Zangar Invest Group JSC 371.1 43.9 2 0.21 +1.16 TSSMb1 Transstroymost JSC 326.7 38.3 1 0.18 +0.65 HSBKb9 Halyk savings bank JSC 304.5 35.7 1 0.17 -4.43 BTASb1 Bank TuranAlem JSC 302.2 35.5 3 0.17 -4.46 CCBNb12 Bank CenterCredit JSC 265.3 31.4 1 0.15 -1.88 GLOTb1 GLOTUR JSC 222.5 26.1 2 0.12 +0.80 ASFIb4 Astana-Finance JSC 136.9 16.2 1 0.08 +0.19 TXBNb2 TEXAKABANK JSC 107.4 12.7 4 0.06 +0.80 NRBNb2 Nurbank JSC 106.6 12.6 2 0.06 -5.19 ATFBb3 ATFBank JSC 74.9 8.9 1 0.04 +0.89 RGBRb3 RG Brands JSC 69.1 8.2 3 0.04 -3.48 TEBNb2 Temirbank JSC 59.4 7.0 4 0.03 +3.02 KZIKb7 Kazakhstan Mortgage Company JSC 43.3 5.1 3 0.02 +0.77 CCBNb6 Bank CenterCredit JSC 36.5 4.3 1 0.02 -1.69 KASSb1 NSCC KazStroyService JSC 35.7 4.2 2 0.02 +1.07 HSBKb10 Halyk savngs bank of Kazakhstan JSC 34.5 4.1 2 0.02 -1.66 CSBNb6 BANK CASPIAN JSC 32.4 3.8 1 0.02 -2.21 MREKb2 Mangistau distributive electric supply company JSC 30.4 3.6 1 0.02 +3.11 KZTCb1 KazTransCom JSC 25.1 3.0 2 0.01 +7.09 KZPSb1 Kazpost JSC 25.1 3.0 2 0.01 +3.94 TXBNb1 TEXAKABANK JSC 24.9 2.9 1 0.01 -3.23 ASFIb6 Astana-Finance JSC 18.1 2.1 1 0.01 +0.42 CCBNb2 Bank CenterCredit JSC 18.1 2.1 1 0.01 +5.84 UKPFb1 Ust-Kamenogorsk poultry fabric JSC 17.2 2.0 2 0.01 +0.89 HSBKb7 Halyk savings bank of Kazakhstan JSC 16.5 2.0 1 0.01 -4.40 BTASb7 Bank TuranAlem JSC 16.5 1.9 1 0.01 X CSBNb5 BANK CASPIAN JSC 9.7 1.1 1 0.01 -0.78 TSBNb3 Tsesnabank JSC 8.6 1.0 1 0.005 +2.54 --------- ----------------------------- --------- -------- ------ ------ ------- 72 180,219.7 21,283.2 255 100.0 -------------------------------------------------------------------------------- Comments: Securities were sorted in descending order based on the volumes of deals expressed in U.S. dollars. Figure means ordinal number of bond issue. Absence of figure (old coding) means this is the first issue. "X" - change of price is not calculated, as this security got the first estimation on KASE in the analyzed period. [2006-08-10]