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Market and Company News
11.07.2007 20:31

ANALYSIS: IN June 2007, shares market on KASE has got new stimuli for rising

/IRBIS, Ruslan Dzyubaylo, Andrey Tsalyuk, July 11, 07/ - In June 2007 2.090 deals were registered in shares in all sectors , including deals, made on the special trading floor of the regional financial center of Almaty (STF RFCA) on Kazakhstan stock exchange (KASE) for a total of KZT358,494.9 m. or $2,931.0 m. according to the current rate on dates, on which deals were made.

The specified amount is 92.0% of the month turnover of the market of corporate securities on KASE (in May - 62.8%) and 8.3% of the entire month exchange turnover (2.0%).

Statistic characteristic of shares market on KASE in June and May of year 2007

--------------------------------------------------------------------------
                                                        Month:
                                         ---------------------       Trend
                                                June       May   June 2007
Indicator                                       2007      2007 to May 2007
---------------------------------------- ----------- --------- -----------
Trades volume, th. USD                   2,931,026.5 486,970.9     +501.9%
Trades volume, m KZT                       358,494.9  58,499.2     +512.8%
Including on offerings, th. USD                    0         0           0
including on offerings, m. KZT                     0         0           0
including on STF RFCA, th. USD                 205.1     215.8       -5.0%
including on STF RFCA, m. KZT                   25.1      26.0       -3.5%
Number of deals                                2,090     2,061       +1.4%
Number of instruments, involved in deals          48        53       -9.4%
Stake of nego deals (number), %                  4.2       3.3     +0.9 pp
Stake of nego deals (volume), %                  3.0      22.7    -19.7 pp
Part of pension assets, % on gross               1.3       8.1     -6.8 pp
Part of physical entities, % on gross           42.4      14.7    +27.7 pp
Number of exchange's members,                     54        50       +8.0%
who made deals
Market concentration, %*                        84.1      60.3    +23.8 pp
--------------------------------------------------------------------------
* it is specified percentage out of the entire shares turnover, which is numbered
 by most traded securities (their number is 5% out of the total number of share
 denominations, included in traded lists of KASE)

It is possible to designate the most important events of June in the given market sector as follows: the announcement about the acquisition of ATFBank JSC by Italian Unicredit, presentation of the intention of Alliance Bank JSC to offer 20 % of their shares in the form of GDR on the London stock exchange with the simultaneous listing, and the notice of Bank Turan Alem JSC about their wish to acquire 13% of voting shares of Temirbank by the end of year. The specified news has somewhat "exhilarated the market" and became the positive fact that brought it out of summer-spring hibernation.

However, the sharp increase of shares' turnover presented in the table was stipulated by not really market causes. Right after the announcement about a global offer of Alliance Bank JSC shares, there was a series of deals with the banks' common shares on KASE to the sum of more than $2 bn. There are reasons to think that the main volume of shares, used in the transactions and making just 20% of general amount of paid common shares of Alliance Bank JSC, has not changed its owner as a result of the mentioned series of deals. According to the understandable concurrence, the same volume of shares served as a pledge for the operations on the stock exchange of seven days repo which has been done by the direct deals method simultaneously with the series of deals on the open buy-sell market.

However, there is nothing to reproach Alliance Bank JSC on. All the mentioned buy-sell deals were held on the open market in compliance with strict stock exchange rules and with market prices. It is fairly important that these deals were accompanied by a lot smaller deals of retail investors who are characterized by the same shares' rate. IRBIS analysts do not go into pointing out the causes and goals of the price show organized by the bank on the Kazakhstan market. But it is obvious that it was related to the GDR offering on LSE that is being prepared by the bank and that is possible a lot due to the insignificant portion of the common shares really available on the retail investors' market.

In whole, it is needed to say that the analyzed month has turned to be rather successful for the holders of the majority of contributional instruments.By results of June, growth of average weighted day prices was shown by 52% of shares' names, involved into deals, 23% - decrease, 8% - rate remind unchanged, 17% of securities was nothing to compare with. Corresponding indicators of May were slightly worse: 45%, 36%, 6% and 13%.

On June 18, the KASE_Shares index achieved to break the level of resistance on 2,600 by catching a new horizontal range by the end of month. The axis of this range is the reference mark of 2,700 points. The IRBIS analysts explain the growth of the index mainly by improvement of price parameters of the common shares of: Kazkommerstbank JSC (KKGB), Exploration Production KazMunayGaz JSC (RDGZ), Bank Turan Alem JSC, Alliance Bank JSC (ASBN), Bank CenterCredit JSC (CCBN), and Temirbank JSC (TEBN).

Below are given the tables, characterizing the shares market of KASE in the analyzed month more fully.

Changes in list of shares, traded on KASE, in June 2007

---------------------------------------------------
                   Bonds:                  Issuers:
Category of  ------------  Instruments ------------
admission    number trend number trend number trend
------------ ------ ----- ------ ----- ------ -----
A                48     0     48     0     32     0
B                47    +1     47    +1     38    +1
------------ ------ ----- ------ ----- ------ -----
A+B              95    +1     95    +1     69    +1
------------ ------ ----- ------ ----- ------ -----
N                 5     0      5     0      5     0
A+B+N           100    +1    100    +1     73    +1
------------ ------ ----- ------ ----- ------ -----
C (STF RFCA)     18    +3     18    +3     10    +1
A+B+C+N         100    +1    118    +4     73    +1
---------------------------------------------------
Notes: "A", "B" - categories of the official list of KASE;
"C" - the category of the official list of the special trading floor of the
regional financial center of Almaty (STF RFCA); "А+В" - the official list of KASE;
"А+В+N" - the main trading floor of KASE; "A+B+C+N" - totally on KASE,
including STF RFCA; in connection with launching STF RFCA, within a
security (share) of one denomination two exchange instruments can go with,
which are different with the trading code, conditions of trades performance
and of payment completion.

Changes of KASE_Shares for different periods to the moment of trades' closing on June 29, 2007 (basis actual/365)

-------------------------------------------------------
                                                Change:
                                        ---------------
Period                                         %  % APR
--------------------------------------- -------- ------
For previous 30 days                        +6.1  +74.1
Since the beginning of the current year    +11.7  +23.8
(since January 1, 07)
For the last 365 days (year)               +59.7  +59.7
For year 2006                             +274.1 +274.1
Since the beginning of year 2005        +1,165.3 +467.9
-------------------------------------------------------

Main indicators of exchange market of purchase and sales of shares in June of year 2007

-------------------------------------------------------------------
               Market ca-             Volume of Volume of Number of
            pitalization,       Index    deals,    deals,     deals
Data               m. USD KASE_Shares   th. USD    m. KZT
----------- ------------- ----------- --------- --------- ---------
May 3, 07        63,017.0    2,561.73  18,849.5   2,307.6        75
June 1, 07       63,153.5    2,588.20  13,190.7   1,612.4        78
June 4, 07       63,241.8    2,579.80  27,393.7   3,334.6       112
June 5, 07       62,645.5    2,564.26  83,403.7  10,164.4        88
June 6, 07       63,859.5    2,596.15  37,077.4   4,486.4        70
June 7, 07       63,732.3    2,581.18  34,907.7   4,221.4        98
June 8, 07       63,121.9    2,602.28  34,566.3   4,185.6       107
June 11, 07      64,159.7    2,560.88   1,758.2     214.3        50
June 12, 07      64,229.8    2,551.71  10,312.5   1,255.9        63
June 13, 07      63,915.1    2,537.29  52,325.2   6,373.2        51
June 14, 07      63,543.1    2,552.37  53,951.4   6,572.4        71
June 15, 07      63,831.6    2,577.15  17,395.0   2,133.7       135
June 18, 07      64,803.4    2,623.02  31,221.4   3,815.6       107
June 19, 07      65,104.4    2,665.60  90,949.6  11,128.6       100
June 20, 07      65,288.5    2,619.72  49,884.3   6,135.8       109
June 21, 07      65,823.3    2,696.97 700,412.0  86,178.7       159
June 22, 07      66,041.0    2,708.76 535,422.7  65,642.8       187
June 25, 07      66,680.7    2,734.03  57,294.1   7,017.9       127
June 26, 07      67,074.9    2,695.28  11,925.6   1,450.4       124
June 27, 07      67,688.3    2,704.58  10,465.8   1,266.1        98
June 28, 07      67,566.2    2,703.11 682,929.2  83,085.2        79
June 29, 07      67,421.8    2,699.89 394,239.9  48,219.5        77
----------- ------------- ----------- --------- --------- ---------
Trend            +4,404.8     +138.16
%                    +7.0        +5.4
-------------------------------------------------------------------

Results of trades in shares on KASE in June 2007 in purchase and sales sector (including nego deals)

-----------------------------------------------------------------------------------
                                          Price, tenge per share:
        ---------------------------------------------------------
                                 on last deal  for last 365 days:
                             ---------------- -------------------      Volume  Num-
                                              --------- ---------   of deals,   ber
Shares                                  trend                             th.   de-
code          min.      max.     price      %      min.      max.         USD   als
------- ---------- --------- --------- ------ --------- --------- ----------- -----
aASND    10,350.00 15,000.00  15,000.0 +196.4  5,060.00  15,000.0        27.9     3
aATFBp    5,520.00  5,750.00   5,635.0         5,217.39   5,750.0        85.1     3
aATFBp8   5,000.00  5,865.00   5,000.0  +33.3  3,750.00   5,865.0        92.1     3
ALKZ      2,600.00  2,950.00   2,900.0         2,000.00   2,950.0        58.0     5
AMGZ     45,000.00 49,100.00  48,500.0   -3.8  44,500.0 105,000.0        57.3     5
AMGZp    29,978.20 75,000.00  29,978.2        20,000.00  75,000.0     1,493.5     3
ASBN     47,100.00 67,970.00  67,970.0   +3.0 11,100.00  69,000.0   2051149.5    89
ASBNp1   16,500.00 25,000.00  23,805.0  +32.1 10,000.00  25,000.0     2,666.9    41
ASFI     11,000.00 14,000.00  11,500.0   +7.5  7,500.00  14,000.0       163.8    15
ASFIp     5,305.00  5,305.00   5,305.0         4,001.00   5,305.0         8.0     1
ASSA     27,911.38 105,000.0 27,911.38        27,911.38 105,000.0   139,934.6     7
ATFB     11,500.00  14,000.0  13,100.0   +1.6  7,000.00  14,000.0    50,585.9   155
ATFBp     3,001.00   6,500.0   6,000.0  +57.9  2,800.00   6,500.0    22,133.6    87
ATFBp8    4,200.00   8,999.0   5,482.0  +21.8  1,500.00   8,999.0   113,940.9   296
BTAS    120,000.01 143,750.0 139,900.0  +11.9  90,000.0  157,500.   178,017.7   161
CCBN      1,700.00   2,000.0   1,950.0   +7.7    510.02   2,012.5    44,910.2   180
CHFM      1,300.00   1,400.7   1,400.7   +7.7    600.00  1,500.75        57.5     3
CSBN      7,000.01   7,600.0   7,600.0   +1.3  3,100.00   7,600.0     5,510.3    14
CSBNp     2,824.00   2,825.0   2,825.0   +2.7    600.00   3,505.0       512.7     2
EKTN     14,117.65 14,117.65 14,117.65        14,117.65 14,117.65     5,396.1     6
EXBN      2,700.01   2,950.0   2,950.0  -14.5  2,000.00   3,700.0       420.5     6
EXBNp     1,750.01   2,012.5   1,900.0   -5.0  1,100.00   2,050.0       464.5    17
GB_KZMS   3,335.00   3,450.0   3,335.0   +9.4  3,047.50   3,530.0         0.5     2
HSBK        465.00     680.0     650.0   -4.4    260.00     781.0    14,729.3    53
HSBKp1      300.00     320.0     300.0   -1.6    173.00     345.0       839.1     6
KANT      1,667.50   2,012.5   2,012.5      ,  1,450.00   2,012.5       104.3     5
KIBN        531.00     665.0     531.0      0    150.00   1,150.0       253.5    23
KKGB      1,240.00   1,400.0   1,350.0  +10.7    250.00   1,550.0     1,918.2    51
KKGBp       275.00     376.0     343.0  +10.6    100.00     600.0    21,143.9   233
KZCR     30,000.00  30,000.0  30,000.0             1.00  31,250.0         1.0     1
KZIS     68,000.00 68,000.01  68,000.0      0 26,000.01  75,000.0       154.0     3
KZTC     17,600.00  48,000.0  35,000.0 +105.9 10,000.00  48,000.0       553.5    18
KZTCp     1,970.00   8,750.0   5,100.0 +388.5  1,044.00   9,000.0       882.3    53
KZTK     45,000.00  49,000.0  48,925.0   -2.7 23,502.00  55,000.0       809.0    31
KZTKp    19,000.01  23,500.0  21,000.0   -8.7  8,950.00  27,100.0       938.1    40
NRBN     28,000.00  38,000.0  38,000.0  +22.6 28,000.00  62,250.0       480.4    12
ORDB      2,807.17   4,480.0   4,100.0   -2.4  2,807.17   4,600.0     1,948.1    11
PDES      1,000.00   1,000.0   1,000.0   -0.2    843.03   1,100.0        27.1     1
RAHT      3,000.00   3,600.0   3,000.0 +200.0    600.00   3,600.0        81.7     3
RDGZ     13,499.00  15,800.0  15,500.0  +12.9 11,260.00 18,399.99    97,766.5   211
RMXR          1.32      4.95      4.95 +371.4      1.05      4.95     4,207.8     4
ROSA        719.00     719.0     719.0   +3.3    570.01     855.0     2,783.1     2
TEBN      6,500.00   9,000.0   7,500.0  +15.4  3,000.00   9,000.0    44,705.5    22
TEBNp     2,000.00   2,600.0  2,200.01  -13.0  1,080.00   3,300.0    29,085.6    82
TSBN      2,800.00   3,200.0   3,150.0      0  1,510.00   4,550.0       370.1    26
UTMK     28,750.00  28,750.0  28,750.0      0 25,000.00  28,750.0         0.5     1
UTMKp     7,800.00   7,800.0   7,800.0  -47.7    100.00  29,000.0         3.2     1
ZERD          4.00      4.06      4.05   +0.5      1.10      4.50     5,440.0     6
------- ---------- --------- --------- ------ --------- --------- ----------- -----
48                                                                2,846,913.3 2 003
-----------------------------------------------------------------------------------
Notes to the table: The table reflects only those shares, with which deals were
made by method of open trades. Trends (change, %) are given relative to the last
deal of the previous month (May 1-31, 2007). If there were no deals last month,
trend is not calculated.

Top-10 of the most liquid listing shares of KASE in June 2007, including STF RFCA

---------------------------------------------------------------------------------
                          Base of liquidity indicator calculation (Kl):
                          ---------------------------------------------
Position        Liquidity       Volume               Number      Number  Position
  in May Share  indicator     of deals     number   of KASE   of result in April,
    2007 symbol      (Kl)     KZT, mln   of deals   members        days      2007
-------- ------ --------- ------------ ---------- --------- ----------- ---------
       1 RDGZ         2.2     11,941.1        211        52          20         3
       2 ATFBp8       2.1     13,836.7        296        31          20         5
       3 KKGBp        2.0      2,577.0        233        35          21         6
       4 CCBN         1.8      5,492.7        180        38          21         1
       5 BTAS         1.7     21,740.6        161        32          19         2
       6 ATFB         1.5      6,165.2        155        27          19         7
       7 ASBN         1.4    251,034.1         89        19           8        26
       8 TEBNp        1.1      3,553.3         82        23          15         4
       9 ATFBp       1.04      2,702.5         87        21          14        20
      10 HSBK        1.97      1,804.9         53        21          16        11
---------------------------------------------------------------------------------
Notes to the table: for calculation of Kl are used only data on deals, which were
made in the sector of KASE's secondary market by one of methods of open trades.
Description of methods of calculation of the given indicator is available in
corresponding chapter of the document, published at  see more
in Russian language and at  see more  in English
language.

10-top most capitalized companies of KASE whose shares are in official securities list of the exchange (to the moment of trades closing by specified dates)

-------------------------------------------------------------------------
                    As of May 31, 07: as of April 30, 07:         Change:
                  ------------------- ------------------- ---------------
Company code      po-    capi-  stake po-    capi-  stake    capi-
on KASE (the same si-  taliza- of the si-  taliza- of the  taliza- stake,
code  is used for ti-    tion, compa- ti-    tion, compa-    tion,      %
common share)      on    m USD  ny, %  on    m USD  ny, %    m USD points
----------------- --- -------- ------ --- -------- ------ -------- ------
GB_KZMS             1 12,746.5   18.9   1 11,637.2   18.5 +1,109.3   +0.4
RDGZ                2  8,898.9   13.2   2  7,872.8   12.5 +1,026.1   +0.7
KKGB                3  6,696.9    9.9   3  6,046.6    9.6   +650.3   +0.3
BTAS                4  6,134.3    9.1   5  5,476.1    8.7   +658.3   +0.4
HSBK                5  5,484.9    8.1   4  5,727.5    9.1   -242.7   -1.0
ASBN                6  5,433.6    8.1   6  5,240.3    8.3   +193.3   -0.3
KZTK                7  4,438.5    6.6   7  4,563.7    7.2   -125.3   -0.7
AMGZ                8  3,547.6    5.3   8  3,685.8    5.8   -138.2   -0.6
ATFB                9  2,624.8    3.9   9  2,494.6    4.0   +130.2   -0.1
CCBN               10  1,679.1    2.5  10  1,557.1    2.5   +121.9      0
-------------------------------------------------------------------------
Not to the table: Stake of the company, % - indicator, calculated by ratio of
market capitalization of the company to total capitalization of exchange market of
shares of KASE's official list of securities and expressed in percentage. This
indicator at the session closing as of June 30, 2006 was $67,421.8 m. There were
95 shares of 69 issuers in official securities list of KASE. A full list of codes
of issuers with the names of companies is published at
 see more

[2007-07-11]