ANALYSIS: In September 2006 turnover of purchase-sale sector of corporate bonds decreased by 8.8% to $168.6 m.

/IRBIS, Assel Omarova, October 6, 06/ - In September 2006 on Kazakhstan stock exchange (KASE) 242 deals were made in corporate bonds in all sectors of the market (excluding repo-transactions sector) for a total of KZT21,337.3 m. or USD168.6 m. at the current rate effective on dates of concluding deals. The stated amount is 51.6% of monthly turnover of market of corporate securities (in August 2006 - 61.2%) and 1.0% of exchange's monthly turnover (1.1%). Statistic characteristic of corporate bonds market on KASE in September and August of 2006 ----------------------------------------------------------------------- Month: ------------------- Trend September August Sep 2006 against Indicator 2006 2006 Aug 2006 ---------------------------------- --------- --------- ---------------- Trades volume, th., USD 168,629.3 184,998.2 -8.8% Trades volume, m., KZT 21,337.3 22,796.5 -6.4% including, on offerings, th. USD 6,923.9 27,007.1 -74.4% including, on offerings, m. KZT 875.0 3,372.5 -74.1% Number of deals 161,705.4 157,991.2 +2.4% number of instruments, 20,462.2 19,424.0 +5.3% involved in deals Stake of nego deals (number), % 242 211 +14.7% Stake of nego deals (volume), % 77 62 +24.2% Part of pension assets, % on gross 6.2 3.3 +2.9 bp Number of exchange's members, 1.7 3.5 -1.8 bp of those, who made deals Market concentration, %* 23.9 33.6 -9.7 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) As one can see from the data given in tables, fall of turnover in this sector occurred as a result of decline of volumes of initial market. In September re- offering of bonds of Holding company ALMEX JSC (Almaty) of KZ2C0Y05C168 issue (KASE's official "A" listing category, ALMXb1, KZT1, KZT8.0 bn.; August 22, 06 - August 22, 11; annual coupon 8.00% APR; 30/360) was conducted for the amount mentioned in the table. On the secondary exchange market the tendency of fall has changed to the opposite direction. Change of lists of corporate bonds, traded on KASE, in September of 2006 ------------------------------------- Bonds: Issuers: Category of ------------ ------------ admission number trend number trend ----------- ------ ----- ------ ----- A 178 +2 58 0 B 11 0 10 0 ----------- ------ ----- ------ ----- A+B 189 +2 68 0 ------------------------------------- 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. Out of 77 titles of bonds, involved in deals of September, securities of 42 titles were characterized by the positive change of weighted average dirty prices, by negative changes - 32. There was nothing to compare with prices of three new debt instruments. Growth leaders were ASFIb9 (at 11.9%), fall leaders (at 10.2%) - CCBNb2. Three securities showed the growth of dirty day weighted average prices by 5% and more, whereas five bond was marked with meaningful prices fall. Dynamics of weighted average net prices is characterized by the following statistics. Liabilities of 35 titles out of 77 bonds titles, involved in deals on the secondary market, were traded below the face value, with bonus - 41 titles. The most repurchased seemed to be BTASb3 (their weighted average net price in this month made 114.41% from the face value), the most resold appeared TEBNb2 (91.25%). In August deals in bonds of 62 titles were conducted on the secondary market, securities of 32 titles were traded with discount, with bonus - 25. The most repurchased were considered to be CCBNb9 (113.52%), the most resold - also ASFIb4 (96.66%). Weighted average net price of corporate bonds on the secondary market in August totaled 99.94%, in August - 103.25%. In September yield of bonds to maturity for a buyer on concluded deals increased at 46 corporate bonds, decreased at 25. In August yield increased at 29, decreased also at 29 instruments. Main indicators of KASE's corporate bond market in September 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 -------- -------- -------- ------- ------- --------- --------- 31.08.06 12,402.9 7.12 197.51 130.49 3,937.1 493.4 01.09.06 12,383.9 7.11 197.70 130.57 112.8 14.1 04.09.06 12,376.6 7.12 197.75 130.55 118.3 14.9 05.09.06 12,374.0 7.12 197.74 130.51 4,978.8 625.9 06.09.06 12,374.5 7.13 197.61 130.38 7,302.9 918.3 07.09.06 12,369.4 7.12 197.76 130.47 3,030.4 381.4 08.09.06 12,378.1 7.13 197.77 130.42 27,873.8 3,507.6 11.09.06 12,370.0 7.12 197.90 130.45 965.5 121.6 12.09.06 12,360.3 7.14 197.76 130.32 12,649.6 1,594.7 13.09.06 12,359.3 7.13 197.92 130.41 154.4 19.5 14.09.06 12,350.9 7.14 197.81 130.30 3,895.7 491.4 15.09.06 12,347.0 7.14 197.93 130.35 4,226.2 533.1 18.09.06 12,340.9 7.13 198.16 130.43 55.5 7.0 19.09.06 12,330.5 7.14 198.01 130.30 12,074.6 1,526.0 20.09.06 12,322.1 7.13 198.21 130.40 6,945.3 878.4 21.09.06 12,315.8 7.13 198.21 130.37 1,287.3 162.9 22.09.06 12,311.8 7.14 198.18 130.35 2,884.4 365.5 25.09.06 12,307.0 7.14 198.36 130.36 4,210.9 534.0 26.09.06 12,301.8 7.15 198.17 130.22 15,065.4 1,911.8 27.09.06 12,297.1 7.14 198.39 130.34 6,412.1 814.5 28.09.06 12,364.5 7.17 198.06 130.09 44,808.9 5,696.1 29.09.06 12,362.1 7.16 198.27 130.22 9,576.4 1,218.3 -------- -------- -------- ------- ------- --------- --------- Trend -40.8 +0.04 +0.76 -0.28 -0.3% +0.52% +0.38% -0.21% -------------------------------------------------------------- Summary data on the results of bond trades on KASE in September of 2006 (purchase and sale, including offerings) ------------------------------------------------------------------------------- Volume of deals: Code Brief ------------------ Num- Market Price of name of an th. m. ber of share, change, security Issuer USD KZT deals % % -------- ----------------------------- --------- -------- ------ ------ ------- KKGBb4 Kazkommertsbank JSC 49,539.9 6,290.1 9 30.64 -1.15 ASFIb9 Astana-Finance JSC 15,767.3 1,988.9 3 9.75 +11.89 CSBNb6 BANK CASPIAN JSC 12,908.1 1,624.1 5 7.98 +1.24 KZIKb11 Kazakhstan Mortgage Company JSC 7,246.6 913.6 2 4.48 X BTASb3 Bank TuranAlem JSC 7,099.9 901.0 3 4.39 -1.30 EUBNb3 Eurasian bank JSC 7,095.9 902.0 2 4.39 +1.89 KKAGb1 Kazakhstan Kagazy JSC 5,460.0 688.4 6 3.38 +1.15 BTAIb11 Daughter mortgage organization of joint stock company Bank TuranAlem BTA Ipoteka JSC 4,842.0 615.5 2 2.99 X CCBNb13 Bank CenterCredit JSC 4,775.6 600.8 2 2.95 +2.88 HSBKb10 Halyk savings bank of Kazakhstan JSC 3,521.6 445.7 4 2.18 -3.61 NFBNb1 NEFTEBANK JSC 3,492.2 442.6 11 2.16 +3.64 KKAGb3 Kazakhstan Kagazy JSC 3,158.2 397.5 2 1.95 X CCBNb2 Bank CenterCredit JSC 3,139.6 399.4 1 1.94 -10.23 CCBNb9 Bank CenterCredit JSC 2,906.3 365.8 12 1.80 -7.55 TSBNb1 Tsesnabank JSC " 2,870.3 364.6 2 1.78 +2.63 PRKRb2 Food contract corporation JSC 2,156.8 271.4 1 1.33 +0.73 ATFBb5 ATFBank JSC 1,660.1 209.3 3 1.03 +0.05 TEBNb9 Temirbank JSC 1,657.3 209.1 1 1.02 +0.83 GLOTb1 GLOTUR JSC 1,240.1 156.3 1 0.77 +0.65 KZALb1 Mining and smelting concern Kazakhaltyn JSC 1,235.9 156.9 2 0.76 -7.44 VTBNb4 Valyut-Transit-Bank JSC 1,198.1 151.0 2 0.74 +2.78 KASSb1 NSCC KazStroyService JSC 1,183.9 148.9 2 0.73 +2.33 MREKb2 Mangistau distributive electric supply network company JSC 1,133.3 143.3 1 0.70 -9.09 TSBNb4 Tsesnabank JSC 1,024.8 129.6 1 0.63 X ORNKb1 Ornek XXI JSC 980.3 124.4 2 0.61 -1.48 ASFIb5 Astana-Finance JSC 951.1 120.0 3 0.59 +0.69 VITAb5 VITA JSC 935.7 118.0 3 0.58 +0.74 KATRb1 KazAgroTrade+ LLP 877.3 110.5 7 0.54 +1.12 ASBNb2 Alliance Bank JSC 826.7 104.3 5 0.51 -0.80 CACMb1 Central Asia Cement JSC 806.1 102.2 1 0.50 X UKPFb1 Ust-Kamenogorsk poultry fabric JSC 779.3 98.8 9 0.48 +1.89 VTBNb3 Valyut-Transit-Bank JSC 778.9 98.4 27 0.48 -1.71 TSBNb5 Tsesnabank JSC 709.0 90.1 1 0.44 +1.92 FRMPb1 Fund of development of small enterprises JSC 685.9 87.3 1 0.42 -2.38 KAZIb1 KZACI JSC 622.3 78.4 1 0.38 -1.87 VTBNb2 Valyut-Transit-Bank JSC 612.7 77.2 6 0.38 +0.98 KZNHb2 Kazneftechim JSC 503.4 63.6 15 0.31 -0.35 ASFIb7 Astana-Finance JSC 483.0 60.8 4 0.30 -4.34 TXBNb3 TEXAKABANK JSC 477.2 60.2 1 0.30 -1.81 BTASb4 Bank TuranAlem JSC 448.7 56.9 3 0.28 -4.04 ASBNb4 Alliance Bank JSC 391.1 49.3 1 0.24 -1.49 HSBKb8 Halyk savings bank of Kazakhstan JSC 314.7 40.0 1 0.19 +5.22 BTASb2 Bank TuranAlem JSC 282.3 35.8 4 0.17 -2.35 KARMb2 Karazhanbasmunay JSC 254.1 32.2 2 0.16 -1.73 MREKb1 Mangistau distributive electric supply network company JSC 235.9 29.9 2 0.15 +1.71 KKAGb2 Kazakhstan Kagazy JSC 235.5 29.9 1 0.15 -0.72 NRBNb3 Nurbank JSC 224.7 28.5 1 0.14 +1.16 BTAIb4 Daughter mortgage organization of joint stock company Bank TuranAlem BTA Ipoteka JSC 213.9 27.0 4 0.13 +1.10 HSBKb11 Halyk savings bank of Kazakhstan JSC 196.3 24.8 3 0.12 -0.03 BTASb1 Bank TuranAlem JSC 163.7 20.7 1 0.10 +0.12 TSBNb3 Tsesnabank JSC 134.3 17.0 2 0.08 -2.62 TXBNb2 TEXAKABANK JSC 128.0 16.1 2 0.08 -3.32 NRBNb2 Nurbank JSC 118.8 15.1 4 0.07 +0.38 BTAIb6 Daughter mortgage organization of joint stock company Bank TuranAlem BTA Ipoteka JSC 118.1 14.8 1 0.07 +4.30 KZASb2 KOSTANAY MINERALS JSC 111.4 14.1 3 0.07 +1.12 NRBNb4 Nurbank JSC 103.6 13.1 1 0.06 +1.27 HSBKb2 Halyk savings bank of Kazakhstan JSC 79.6 10.1 6 0.05 +0.59 VTBNb1 Valyut-Transit-Bank JSC 76.3 9.6 2 0.05 -3.64 KKGBb3 Kazkommertsbank JSC 71.6 9.1 5 0.04 -2.09 UKTCb1 AES Ust-Kamenogorsk TPP" 62.6 7.9 1 0.04 -0.06 BTAIb5 Daughter mortgage organization of joint stock company Bank TuranAlem BTA Ipoteka JSC 48.4 6.1 1 0.03 +4.82 HSBKb Halyk savings bank of Kazakhstan JSC 41.7 5.3 3 0.03 +0.42 TEBNb2 Temirbank JSC 40.1 5.1 3 0.02 -6.33 KZIKb4 Kazakhstan Mortgage Company JSC 40.1 5.1 2 0.02 -4.71 KZIKb6 Kazakhstan Mortgage Company JSC 38.2 4.9 2 0.02 +0.70 KKGBb2 Kazkommertsbank JSC 28.7 3.6 3 0.02 -2.36 HSBKb5 Halyk savings bank of Kazakhstan JSC 28.4 3.6 1 0.02 -0.78 HSBKb4 Halyk savings bank of Kazakhstan JSC 20.2 2.5 1 0.01 +0.02 ATFBb3 ATFBank JSC 19.1 2.4 1 0.01 +1.06 ASBNb3 Alliance Bank JSC 17.5 2.2 1 0.01 +0.57 KKGBb5 Kazkommertsbank JSC 17.2 2.2 1 0.01 +10.38 TSSMb1 Transstroymost JSC 16.9 2.1 1 0.01 +0.80 HSBKb7 Halyk savngs bank of Kazakhstan JSC 15.2 1.9 1 0.01 -0.01 KZTCb1 KazTransCom JSC 13.5 1.7 1 0.01 -5.72 ROSAb2 ROSA JSC 9.1 1.2 1 0.01 +2.29 KZIKb5 Kazakhstan Mortgage Company JSC 3.5 0.4 1 0.002 +2.72 -------- ----------------------------- --------- -------- ------ ------ ------- 76 161,705.4 20,462.2 240 100.0 , ------------------------------------------------------------------------------- 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. [2006-10-06]