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17.03.2008 21:09 #KASE news

ANALYSIS: In February 2008, shares market of KASE continued a careful growth

/IRBIS, Dinara Mukasheva, March 17, 2008/ - In February 2008 2,104 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 KZT29,079.3 m. or $247.0 m. at the current exchange rate on dates, on which deals were made.

The specified amount makes 56.5 % of the month turnover of the market of corporate securities on KASE (in January - 68.0%) and 1.4% of the entire month exchange turnover (1.1%).

Statistic characteristic of shares market on KASE in February and January 2008

-----------------------------------------------------------------------------
                                                      Month:
                                       ---------------------
                                       ---------  ----------            Trend
                                       February,  January,      February 2008
Indicator                                   2008        2008  to January 2008
-------------------------------------  ---------  ----------  ---------------
Trades volume, th. USD                 246,955.0   219,355.3          +12.6,%
Trades volume, m KZT                    29,728.9    26,407.8          +12.6,%
Including on offerings, th. USD                -           -                Х
including on offerings, m. KZT                 -           -                Х
including on STF RFCA, th. USD          1,245.88       116.0         +973.7,%
including on STF RFCA, m. KZT             149.93        14.0         +974.7,%
Number of deals                            2,104       1,712          +22.9,%
Number of instruments,                        40          39           +2.6,%
involved in deals
Average day number of deals                  100          86          +17.0,%
Average day volume of deals, th. USD    11,759.8    10,967.8           +7.2,%
Stake of nego deals (number), %              1.9         1.4          +0.5,пп
Stake of nego deals (volume), %              5.2        10.2          -5.0,пп
Part of pension assets, % on gross           9.1         3.2          +5.9,пп
Part of physical entities, % on gross       14.9        16.3          -1.3,пп
Part of non-residents entities, % on        16.7         7.5          +9.2,пп
gross
Number of exchange's members,                 53          42          +26.2,%
who made deals
Market concentration, %*                    46.7        51.9          -5.2,пп
-----------------------------------------------------------------------------

*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)

Shares market of KASE continued January growth; however, changes have considerably careful character. High level of volatility on the external markets of funding contributed to this, nevertheless, an optimism of investors is in the process, which served as a restrictive factor of this growth.

By the results of January, on London stock exchange, GDR prices of common shares of Exploration Production KazMunayGas JSC continued falling fell by 8.5% (+13.4% in January). Negative trend of the securities' quotes of the flagship of the economy of Kazakhstan is explained by the undetermined situation on the introduction of tariffs on export of oil by the government authorities of Kazakhstan. Accordingly, the level of implication of this measure to the given issuer is also not determined. By all appearances, the market disposed pessimistic expectations, and the fall of the GDR of Exploration Production KazMunayGas JSC can be stopped only by a distinctly synchronized position of the government of the Kazakhstan about this question, that is an adoption of decisions of government bodies that will be obligatory to execute, which will assume changes in the tax and custom regimes concerning the company. Herewith, a situation on the trade markets favors companies operating in oil sector - during one month the price of mixture of Light Sweet Crude Oil (NYMEX) increased by 14.5% up to $101.84. Prices on common stocks of Exploration Production KazMunayGas JSC have also dropped on KASE. (see Results of trades in shares on KASE on February 2008)

Equity securities of banks of Kazakhstan, which were laid with minus sign on LSE during the last quarter of last year, returns to the growth dynamics from the beginning of a current year. Shares of Halyk Savings bank of Kazakhstan JSC increased by 4.4% (+13.9% in January), Kazkommertsbank JSC - by 17.5% (+7.9 %), and Alliance Bank JSC - by 22.7 % (+3.8 %). Almost all shares of banks of Kazakhstan showed a growth on KASE. (see Results of trades in shares on KASE on February 2008)

Nervous situation on the world exchanges, fever of the main indices, and a permanent fall of US dollar in relation to the main currencies to daily antirecords holding against expectations of the USA recession forthcoming, turned investors to the developing markets. Besides, banks themselves actively spread positive news about their functioning in the normal working regime in February. Thus Alliance Bank JSC, whose trust rating suffered the most from the current crisis, informed about a reconsideration of its credit policy and correction of model of customer crediting. There were many gossips around Kazkommertsbank JSC in February, which the bank was actively refusing. However, intrinsically inside has proven about a health condition of the bank and qualitative approach to risk management - for instance, information about planned issue of Eurobonds in 2008 and acquisition of a large block of shares by the aside investor. The bank itself proved information about its participation in the government program on stabilization of social and economic development, within which the bank finances projects of two large construction companies in Astana (BI group and KUAT); the risks from the project are taken by the bank. Overall, features of the rapid collapse of the banking system that was shadowed by the international rating agencies is not observed on the market, though the final results can be done only in the second half of the current year, when crisis agiotage will drop, and how local banks are relative towards the external markets it will be finally clear.

Shares of KAZAKHMYS PLС on LSE increased by 27.2% (11.2% in January) - in February the company announced that the program of redemption of own shares in the range of $400 m., started on October 24, 2007, was finished.

In whole, by results of February, average weighted day prices were divided on two parts according to growth and fall - in February 38% of shares showed the growth and 45% of shares showed the fall in February. Maximum trends showed ZNGRp shares that increased by 673.6% and aASND shares that decreased by 54.5% in February.

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 Febraury 2008 (end of month, change over the month)

---------------------------------------------------------
                    Shares:                      Issuers:
              -------------    Instruments  -------------
Category of   ------  -----                 ------  -----
admission     number  trend  number  trend  number  trend
------------  ------  -----  ------  -----  ------  -----
A                 45      0      45      0      31      0
B                 46      0      46      0      40      0
------------  ------  -----  ------  -----  ------  -----
A+B               91      0      91      0      68      0
------------  ------  -----  ------  -----  ------  -----
N                  5      0       5      0       5      0
A+B+N             96      0      96      0      73      0
------------  ------  -----  ------  -----  ------  -----
C (STF RFCA)      23     +2      23     +2      16     +2
A+B+C+N           96      0     119     +2      74      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 February 29, 2008 (basis actual/365)

----------------------------------------------
                                       Change:
                                  ------------
                                  -----  -----
Period                                %  % APR
--------------------------------  -----  -----
For previous 30 days               +3.9  +47.9
For the last 365 days (year)       +2.5  +14.5
For year 2006                      +3.9   +3.9
Since the beginning of year 2005  +12.2  +12.2
----------------------------------------------

Main indicators of exchange market of purchase and sales of shares in February of year 2008

---------------------------------------------------------------------------
                    Market ca-              Volume of  Volume of  Number of
                 pitalization,                 deals,     deals,      deals
Data                    m. USD  KASE Index    th. USD     m. KZT
---------------  -------------  ----------  ---------  ---------  ---------
January 1, 08        52,415.18    2,625.54    4,910.0      590.2         96
February 1, 08       53,499.20    2,627.62    5,422.6      651.3         77
February 4, 08       53,596.76    2,635.19    2,798.2      336.3         92
February 5, 08       52,681.74    2,640.02   32,218.7    3,877.5         78
February 6, 08       52,042.61    2,545.57    6,571.0      791.0         99
February 7, 08       51,963.96    2,544.43   18,842.9    2,265.7        156
February 8, 08       51,521.48    2,577.73   55,069.5    6,627.6         83
February 11, 08      51,415.13    2,578.98    7,390.4      889.4         74
February 12, 08      52,310.70    2,625.55    2,685.8      323.3         96
February 13, 08      52,807.53    2,625.96    5,397.5      649.4         92
February 14, 08      52,934.91    2,647.50    8,733.4    1,049.3         89
February 15, 08      52,874.12    2,657.52    4,747.1      570.8         58
February 18, 08      53,428.13    2,710.64    8,982.4    1,078.5        107
February 19, 08      55,012.17    2,725.30   19,568.3    2,351.9        161
February 20, 08      55,502.38    2,794.59    4,914.8      590.4        127
February 21, 08      56,733.82    2,858.11   11,949.0    1,436.5        194
February 22, 08      55,844.44    2,755.16    3,418.8      411.6        109
February 25, 08      55,463.45    2,768.41    2,670.4      321.8         79
February 26, 08      55,749.08    2,774.85    4,178.6      504.6         82
February 27, 08      56,400.41    2,759.35    3,506.3      423.5        103
February 28, 08      56,362.38    2,735.09    5,379.7      650.2         88
February 29, 08      55,844.18    2,701.84   31,404.2    3,795.2         53
---------------  -------------  ----------  ---------  ---------  ---------
Trend                 +3,429.0      +76.30          ,          ,          ,
%                         +6.5        +2.9          ,          ,          ,
---------------------------------------------------------------------------

Results of trades in shares on KASE in January 2008 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
------- ------- ------- ------- ------ -------- --------- --------- -----
aASND    25.000  25.000  25.000 .         5.060    55.000      17.6     1
aHSBK       528     561     561 .           500       650      32.9     5
aHSBKp1     308     308     308 .           300       350       2.6     1
AMGZp    38.000  38.000  38.000 .        20.000    75.000      69.5     1
ASAV    153.000 168.300 153.000 .        34.351   168.300     253.5     9
ASBN     23.000  28.710  26.300 +15.86   14.000    69.000     394.4    20
ASBNp1   11.000  12.000  11.000  -8.33   10.610    25.000   1.076.0    13
ASFIp    10.591  10.597  10.591 .         4.001    14.500  26.294.2     2
aTEBNp    2.530   2.717   2.717 .         1.500     2.717      87.4     3
ATFBp8    5.800   5.800   5.800  +3.57    1.570     8.999       3.7     2
AZNO      9.957  11.606  11.606 .         9.200    11.606     201.2     2
BTAS     66.000  85.000  79.500  +3.52      850   157.275  58.028.2   249
CCBN      1.550   1.675   1.625  -0.37    1.000     2.050  14.858.0   166
CHFM        957     990     990 .           900     1.501     116.5     4
CSBN      5.550   6.105   5.800  -3.34    4.522     8.000     495.2    11
DNBN      3.600   3.795   3.600  -5.14    1.400     6.728     221.8     6
GB_KZMS   2.900   3.720   3.720 +27.62    2.640     3.800     563.7    34
HSBK        486     542     525  +4.79      402       781     715.7    65
HSBKp       285     292     285  -3.72      285       334      92.4     5
HSBKp1      290     318     318  -5.14      270       353     369.1    27
KIBN        330     374     374 +10.00      110     1.150     131.5    14
KKGB        860   1.255   1.055 +18.54      600     1.430  40.969.3   682
KKGBp       350     390     390  +8.33      191       499   9.133.3    38
KZTCp     2.150   2.310   2.150  -4.44    1.044     8.750      89.9     6
KZTK     31.800  34.500  32.300  -0.62   31.800    52.100   7.413.9    97
KZTKp    17.000  23.500  17.505  -5.38   14.500    27.100     472.4    23
MMGZp    12.500  15.500  12.501 -19.35    7.000    16.050   3.752.3    57
NFBN      4.500   4.501   4.500  -2.17    2.530     7.623     449.9    22
NRBN     22.000  22.000  22.000 +10.00   17.500    54.050      32.9     1
ORDB      2.750   4.000   2.750 -31.25    2.750     4.600      59.1     4
RAHT      2.800   3.000   3.000 -28.57    1.000     4.200      79.7     3
RDGZ     17.100  20.000  17.500  -7.36   13.000    24.595   9.657.5   339
ROSA        580     580     580 .           580       723      24.1     1
TEBN      7.000   7.300   7.000  -2.78    4.450     9.000  52.256.3    24
TEBNp     2.400   2.800   2.627  +9.47    1.114     3.200   2.034.4    63
TSBN      1.680   2.200   2.200 +22.22    1.680     4.550   1.099.8    45
TSBNp     1.070   1.133   1.133  -1.48    1.070     2.415      55.8     2
UTMK     27.000  27.000  27.000      0   27.000    28.750     171.1     6
ZERD          4       4       4      0        4         5     515.6     2
ZNGRp    10.000  10.000  10.000 .           450    10.000     759.6     2
------- ------- ------- ------- ------ -------- --------- --------- -----
40                                                        233.052.1 2.057
-------------------------------------------------------------------------

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 (January 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 February 2008, including STF RFCA

----------------------------------------------------------------------------
                                                Base of liquidity
                                       indicator calculation (Kl):
                              ------------------------------------
                              --------  --------  --------  ------
   Position            Liqui    Volume              Number  Number  Position
in February  Share      dity  of deals    number   of KASE     of         in
       2008  symbol   indica     KZT,   of deals  mem bers  result  January,
                     tor(Kl)       mln                        days      2007
-----------  ------  -------  --------  --------  --------  ------  --------
          1  KKGB        2.9   4,926.7       682        82      21         1
          2  BTAS        2.1   6,982.6       249        58      21         4
          3  RDGZ        1.9   1,162.7       339        66      21         2
          4  CCBN        1.4   1,788.2       166        43      21         3
          5  KZTK        1.0     891.9        97        34      14         6
          6  HSBK        0.9      86.1        65        30      18         5
          7  TEBN        0.8   6,289.2        24         7       9        15
          8  KKGBp      0.72   1,098.1        38        23      13         7
          9  TEBNp      0.66     244.7        63        16      15        17
         10  HSBKp1      0.6      44.4        27         7      21        12
----------------------------------------------------------------------------

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 January 31, 08:  as of December 29, 07:           Change:
                   ---------------------  ----------------------  ----------------
                   ---  --------  ------  ----  --------  ------  --------  ------
Company's code or  po-     capi-   stake   po-     capi-   stake     capi-
name
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
-----------------  ---  --------  ------  ----  --------  ------  --------  ------
KAZAKHMYS PLС        1  13.816.2   24.74     1  11.032.3   21.12  +2.783.9   +3.62
EP Kazmunaygas       2  10.168.5   18.21     2  11.001.9   21.06    -833.4   -2.85
Bank TuranAlem       3   5.506.2    9.86     3   5.095.8    9.75    +410.5   +0.11
Kazkommertsbank      4   5.454.9    9.77     4   4.585.1    8.78    +869.7   +0.99
Halyk bank           5   4.544.4    8.14     5   4.387.9    8.40    +156.6   -0.26
Kazakhtelecom        6   2.983.3    5.34     6   3.015.2    5.77     -31.9   -0.43
Alliance Bank        7   2.133.8    3.82     8   1.832.5    3.51    +301.2   +0.31
ATFBank              8   2.032.3    3.64     7   2.024.9    3.88      +7.5   -0.24
Bank CenterCredit    9   1.752.3    3.14     9   1.773.5    3.39     -21.2   -0.26
Temirbank           10   1.213.1    2.17    10   1.241.1    2.38     -28.0   -0.20
----------------------------------------------------------------------------------

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 February 29, 2008 was $55,844.2 m. There were 91 shares of 68 issuers in official securities list of KASE. A full list of codes of issuers with the names of companies is published at see more

[2008-03-17]