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10.01.2008 21:32 #Issuer news

ANALYSIS: In December 2007 turnover of KASE's shares market had decreased again

/IRBIS, Dinara Mukasheva, January 10, 08/ - In December 2007 1,511 deals were registered with 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 KZT47,518.5 m. or $393.7 m. at the current exchange rate on dates, on which deals were made.

The specified amount makes 54.1% of the month turnover of the market of corporate securities on KASE (in November - 88.2%) and 1.5% of the entire month exchange turnover (8.0%).

Statistic characteristic of shares market on KASE in December and November of year 2007

----------------------------------------------------------------------------------
                                                          Month:
                                          ---------  -----------             Trend
                                          December,  November,       December 2007
Indicator                                      2007         2007  to November 2007
----------------------------------------  ---------  -----------  ----------------
Trades volume, th. USD                    393,711.3  2,507,604.6           -84.3,%
Trades volume, m KZT                       47,518.5    302,497.9           -84.3,%
Including on offerings, th. USD                   -            -                 Х
including on offerings, m. KZT                    -            -                 Х
including on STF RFCA, th. USD                 0.04     16,591.9          -100.0,%
including on STF RFCA, m. KZT                  0.01      2,001.2          -100.0,%
Number of deals                               1,511        2,130           -29.1,%
Number of instruments, involved in deals         46           55           -16.4,%
Average day number of deals                      84           97           -13.3,%
Average day volume of deals, th. USD       21,872.8    113,982.0           -80.8,%
Stake of nego deals (number), %                 4.6          3.4            +1.1,%
Stake of nego deals (volume), %                13.3          1.5           +11.8,%
Part of pension assets, % on gross              2.3          5.5            -3.2,%
Part of physical entities, % on gross          18.5         16.6            +1.9,%
Part of nonresidents, % on gross               30.9         21.2            +9.7,%
Number of exchange's members,                    46           50            -8.0,%
who made deals
Market concentration, %*                       38.5         87.8           -49.3,%
----------------------------------------------------------------------------------

* 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)

The pre-holidays' December did not support the optimism of November trades of shares' market - the volume of deals fell by 84% compared to previous months. However, cut of market by deals with most liquid stake instruments demonstrates the preservation of tendency to smoothing of quotations of shares - market-makers, fell in September 2007. At that it is important to consider the fact that in December Kazakhstan issuers had received the one more part of pressure from the side of international agents.

Change of November trend happened at the background of new wave of negative estimations by international rating agencies of short-term perspectives of Kazakhstan economy, connected mainly to banking segment.

Traditionally the log to fire of passions around banking sector of Kazakhstan was added by Standard & Poor's, having changed on December 11, 2007 the prognosis on credit rating of covenantee from "stable" to "negative" to eight banks: Kazkommertsbank JSC, Bank TuranAlem JSC, Halyk savings bank of Kazakhstan JSC, Alliance Bank JSC, Temirbank JSC, Daughter mortgage organization of joint stock company Bank TuranAlem BTA Ipoteka JSC, Nurbank JSC and Eurasian bank JSC. The foundations for outlooks' change were the same - fears of agency's analysts relative to quality of assets and liquidity and growth of stress about this situation. Fitch Ratings supported S&P and on December 17 had changed the outlook on long-term ratings of default of the issuer (RDI) of Kazakhstan to "negative". At that as reason of increase of risk' degree for sovereign solvency of the country by the agency was announced the 'serious limitation of access of Kazakhstan banking sector to international capital markets since August 2007". Then Fitch decreased the outlooks on RDI for ATFBank JSC, Kazakhstan Bank of Development JSC, Bank TuranAlem JSC, Kazkommertsbank JSC, Halyk savings bank of Kazakhstan JSC, Alliance Bank JSC, Bank CenterCredit JSC and Astana-Finance JSC (Astana).

On the contrary to expectations of sudden decrease as reaction on above mentioned actions of Fitch and S&P, quotations of stake securities of Kazakhstan issuers did not show the sudden fall on international markets. At that, it should be noted that in examining month the investors had more attentively differentiated the issuers. Fro example, by results of December on London stock exchange prices of GDR on common shares of Halyk savings bank of Kazakhstan JSC had fall by 13.1% (in November the fall made 4.3%), and of Kazkommertsbank JSC - grew by 13.7% (-1.9%). Mentioned results had become the surprise, considering the fact that Halyk savings bank of Kazakhstan JSC was considered by international rating agencies as the most reliable bank, influencing the less effect from closing of external funding markets. At that Kazkommertsbank During previous three months was announced almost as outcast, whose quotations experienced the lowest decrease.

Prices of GDR on common shares of other Kazakhstan companies were holding the custom line: Exploration Production KazMunayGas JSC grew by 14.3% (+2.3% in November), KAZAKHMYS PLС - after temporary decrease in November had finished December with growth by 1.7% (-9.7% - in November), Alliance Bank JSC - fell by 18.0% (-7.7%).

On internal market in December the change of rates of most liquid common shares had also passed at moderate level. Common shares of Kazkommertsbank JSC grew by 12.2 % (+7.7 %), Exploration Production KazMunayGas JSC - by 9.1 % (+8.7 %). Shares of Halyk savings bank of Kazakhstan fell by 7.1 % (in November had fall by 14.8 %), Bank TuranAlem JSC - by 14.9 % (-28.0 %), Alliance Bank JSC - by 3.8 %, having show in November the growth by 46.5% (by account of series of internal deals).

KASE index in December had formed with positive value, though during the month it value did not have the expressed growth trend. In November the indicator was formed with negative value.

As a whole by results of December the growth of average weighted day prices on KASE was demonstrated by 31% of shares' titles, involved into deals (42% in November), fall - 53% (50%), unchanged rate - 16% (8%). Maximal trends by results of December were demonstrated by next shares:: ASFIp grew by 43.0 %, TSBN fell by 31.6 %.

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 December 2007 (end of month, change over the month)

---------------------------------------------------------
                    Shares:    Instruments       Issuers:
Category of   ------  -----                 ------  -----
admission     number  trend  number  trend  number  trend
------------  ------  -----  ------  -----  ------  -----
A                 45     -1      45     -1      31      0
B                 45     -3      45     -3      39     -1
------------  ------  -----  ------  -----  ------  -----
A+B               90     -4      90     -4      69     -1
------------  ------  -----  ------  -----  ------  -----
N                  5      0       5      0       5      0
A+B+N             95     -4      95     -4      74     -1
------------  ------  -----  ------  -----  ------  -----
C (STF RFCA)      21     +3      21     +3      14     +4
A+B+C+N           95     -4     116     -1      75      0
---------------------------------------------------------

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 index for different periods at the moment of trades' closing on December 29, 2007 (basis actual/365)

------------------------------------------------
                                         Change:
                                  --------------
Period                                 %   % APR
--------------------------------  ------  ------
For previous 30 days                +2.7   +34.2
For year 2007                       +9.1    +9.1
For year 2006                     +274.1  +274.1
Since the beginning of year 2006  +307.9  + 54.6
------------------------------------------------

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

----------------------------------------------------------------------
               Market ca-              Volume of  Volume of  Number of
            pitalization,                 deals,     deals,      deals
Data               m. USD  KASE Index    th. USD     m. KZT
----------  -------------  ----------  ---------  ---------  ---------
Nov 30, 07       54,020.5    2,567.35   19,586.4    2,366.4        135
Dec 3, 07        52,854.0    2,559.02    2,996.3      362.0         65
Dec 4, 07        52,217.0    2,512.29   14,669.6    1,773.1         69
Dec 5, 07        52,284.2    2,478.65   18,968.2    2,291.7         77
Dec 6, 07        52,572.4    2,476.81   13,441.5    1,622.5         77
Dec 7, 07        53,129.9    2,517.71    9,591.9    1,158.3         73
Dec 10, 07       53,790.5    2,540.93    8,816.2    1,064.8        105
Dec 11, 07       53,877.0    2,546.99   19,510.1    2,355.1         87
Dec 12, 07       52,925.2    2,483.97   15,717.3    1,897.1        121
Dec 13, 07       53,278.6    2,528.34   19,890.4    2,402.2        122
Dec 14, 07       53,757.1    2,608.40   35,247.1    4,255.4        113
Dec 19, 07       54,080.1    2,604.24   51,077.5    6,163.0        129
Dec 21, 07       54,651.8    2,631.14   50,602.1    6,110.7        123
Dec 24, 07       54,884.2    2,632.27    4,583.5      553.5         76
Dec 25, 07       53,958.6    2,587.84    1,217.8      147.2         43
Dec 26, 07       54,185.8    2,608.21   31,364.2    3,793.2         56
Dec 27, 07       53,439.7    2,529.98    7,812.1      945.2         49
Dec 28, 07       53,767.6    2,596.08   49,334.9    5,947.3         73
Dec 29, 07       53,830.7    2,637.02   38,870.5    4,676.1         53
----------  -------------  ----------  ---------  ---------  ---------
Trend              -189.8      +69.67
%                    -0.4        +2.7
----------------------------------------------------------------------

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

-------------------------------------------------------------------------
                                  Price, tenge per share:
        ------- ------- -------------- ------------------    Volume  Num-
                          on last deal for last 365 days:
                        -------------- ------------------ of deals,   ber
Shares                           trend                          th.   de-
code       min.    max.   price      %      min.     max.       USD   als
------- ------- ------- ------- ------ --------- -------- --------- -----
aHSBK   500     500     500     -13.04 500       650      0.04      1
AMGZp   30,000  30,000  30,000  -30.23 20,000    75,000   20.9      1
ASAV    110,200 126,700 126,700 ,      34,351    126,700  54.7      2
ASBN    25,000  25,800  25,000  -3.85  11,100    69,000   21.6      2
ASBNp1  14,000  14,000  14,000  +3.70  10,610    25,000   1.3       1
ASFI    14,950  15,000  15,000  0      8,100     15,000   25,622.9  27
ASFIp   11,500  14,500  14,500  +45.00 4,001     14,500   506.7     2
ATFB    10,000  10,500  10,000  -1.78  8,100     14,000   49,935.0  59
ATFBp   5,500   5,675   5,500   -3.09  2,800     6,500    60.8      16
ATFBp8  5,700   5,719   5,700   -0.33  1,550     8,999    448.1     12
BTAS    72,201  86,250  79,500  +1.92  850       157,275  33,024.3  122
CCBN    1,300   1,499   1,380   -1.39  1,000     2,050    33,687.5  129
CHFM    1,001   1,001   1,001   0      600       1,501    2.5       1
CHFMp   700     700     700     ,      700       909      1.3       1
CSBN    6,100   6,100   6,100   +1.67  4,500     8,000    0.2       1
CSBNp   2,175   2,175   2,175   0      1,000     3,505    46.8      3
DNBN    3,600   4,025   3,600   -0.62  1,400     6,728    3,360.8   15
EXBNp   1,900   1,900   1,900   0      1,100     2,200    99.1      9
GB_KZMS 3,100   3,500   3,205   +1.75  3,000     3,700    524.4     26
HSBK    420     550     525     -2.79  402       781      994.6     84
HSBKp   298     298     298     -5.40  290       334      27.1      1
HSBKp1  310     353     310     -11.17 240       353      320.3     27
KIBN    340     385     340     -10.53 110       1,150    59.2      3
KKGB    660     790     788     +12.58 600       1,550    12,193.9  332
KKGBp   321     355     352     +0.57  190       499      839.3     43
KZTCp   2,400   2,500   2,400   -7.69  1,044     8,750    37.7      3
KZTK    33,501  37,500  36,800  -1.34  33,501    55,000   2,018.6   30
KZTKp   21,000  24,000  21,000  -11.76 12,000    27,100   563.9     35
LNAT    8,700   8,700   8,700   0      1,649     9,999    24.3      1
MMGZp   13,000  16,050  13,000  -18.75 7,000     16,050   21,409.2  25
NFBN    4,501   5,176   4,505   +0.09  2,013     7,623    4,970.9   15
NRBN    20,067  26,000  20,067  -10.81 17,500    62,250   9,032.5   13
NRBNp6  12,400  12,400  12,400  -0.80  12,400    39,000   55.5      2
ORNK    9       9       9       ,      5         10       0.1       1
PDES    976     976     976     -10.91 920       1,100    5,382.4   6
RAHT    2,700   4,050   3,500   -10.26 1,000     4,050    5.1       4
RDGZ    18,520  22,000  21,150  +8.74  13,000    23,400   76,566.1  336
RMXR    3       3       3       ,      1         5        0.02      1
SUMB    270,000 300,000 300,000 ,      270,000   300,000  18,051.3  5
TEBN    7,000   7,000   7,000   0      3,550     9,000    41,007.3  11
TEBNp   2,460   2,760   2,470   -10.51 1,114     3,200    102.0     10
TSBN    2,000   2,550   2,201   -10.98 1,510     4,550    624.9     19
TSBNp   1,230   1,400   1,230   -23.13 1,230     2,415    54.8      2
ZERD    4       4       4       0      2         5        12.4      3
------- ------- ------- ------- ------ --------- -------- --------- -----
44                                                        341,772.3 1,442
-------------------------------------------------------------------------

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 (November 1-30, 2007). If there were no deals last month, trend is not calculated.

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

----------------------------------------------------------------------------
                                                Base of liquidity
                                       indicator calculation (Kl):
                              ------------------------------------
   Position            Liqui    Volume              Number  Number  Position
in December  Share      dity  of deals    number   of KASE     of         in
       2007  symbol   indica     KZT,   of deals  mem bers  result  October,
                     tor(Kl)       mln                        days      2007
-----------  ------  -------  --------  --------  --------  ------  --------
          1  RDGZ        2.8   9,243.4       336        45      18         1
          2  KKGB        2.6   1,472.4       332        59      18         2
          3  CCBN        1.7   4,067.5       129        36      18         4
          4  BTAS        1.6   3,928.9       122        33      16         3
          5  HSBK        1.3     120.1        84        35      17        11
          6  ATFB        1.1   6,028.3        59        19      10         7
          7  KZTK       0.79     243.8        30        21      12        15
          8  KKGBp      0.78     101.3        43        15      14         5
          9  HSBKp1     0.75      38.7        27        10      18         8
         10  ASFI        0.6   3,089.1        27         2      13        20
----------------------------------------------------------------------------

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 December 29, 07:  as of November 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
-----------------  ----  --------  ------  ----  --------  ------  --------  ------
RDGZ                  1  12,439.1   23.33     2  11,350.7   21.01  +1,088.4   +2.32
GB_KZMS               2  12,308.7   23.09     1  12,254.6   22.69     +54.1   +0.40
BTAS                  3   4,642.4    8.71     4   4,565.3    8.45     +77.1   +0.26
HSBK                  4   4,262.5    8.00     3   4,572.7    8.46    -310.2   -0.47
KKGB                  5   4,081.1    7.66     5   3,653.7    6.76    +427.4   +0.89
KZTK                  6   3,368.5    6.32     6   3,451.6    6.39     -83.1   -0.07
ASBN                  7   2,049.4    3.84     8   2,117.8    3.92     -68.5   -0.08
ATFB                  8   1,730.9    3.25     7   2,274.0    4.21    -543.0   -0.96
CCBN                  9   1,445.7    2.71     9   1,455.7    2.69     -10.0   +0.02
TEBN                 10   1,211.4    2.27    10   1,207.4    2.24      +4.0   +0.04
-----------------------------------------------------------------------------------

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 November 30, 2007 was $54,020.5 m. There were 94 shares of 70 issuers in official securities list of KASE. A full list of codes of issuers with the names of companies is published at see more

[2008-01-10]