/IRBIS, Dinara Mukasheva, April 7, 08/ - IRBIS information agency of
financial markets (Almaty) has made liquidity rating of listing companies
shares, traded on Kazakhstan stock exchange (KASE) in March of 2008.
The first 10 positions of the rating are given below. To the stake of these
shares in March had come 37.6% of turnover of corresponding sector of
exchange market. Over the specified period, deals with shares of 32 names
have been made on KASE's open secondary market.
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Liquidity indicator calculation base (Kl):
Liquidity ------------------------------------------
Position Position indi- volume number number
in March. in Share cator of deals, number of KASE of success-
2008 Feb. 2008 symbol (Kl) m. KZT of deals members ful days
--------- --------- ------- --------- ---------- -------- ------- -----------
1 3 RDGZ 2.61 1,485.9 264 58 18
2 2 BTAS 1.96 1,438.7 154 43 19
3 4 CCBN 1.82 678.4 165 38 18
4 1 KKGB 1.38 250.0 82 36 16
5 12 GB_KZMS 1.25 194.8 80 28 17
6 6 HSBK 1.24 626.6 65 30 16
7 8 KKGBp 1.21 550.7 72 27 16
8 5 KZTK 1.05 259.8 65 21 16
9 10 HSBKp1 0.80 117.0 26 11 19
10 14 MMGZp 0.65 321.5 36 11 11
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The "newcomers" of "liquid ten" relative to February 2008 had become
GB_KZMS (12 th position in February), MMGZp (14 th position), having
replaced TEBN (7th position in January) and TEBNp (9th position).
In March the deals with common shares KAZAKHMYS PLC (GB_KZMS)
were made actively enough. In total, during the concerned period of
GB_KZMS price quotation, they experienced 3 waves of rise of investment
interest both on London Stock Exchange and on home organized market.
The largest volume of deals was fixed on March 5, before the day when
preliminary financial results for 2007 were published, however the next day
market enthusiasm decreased three times. The second leap (March 13) was
provoked by Eurasian Natural Resources Corporation (ENRC) claim that
company's representatives conducted informal meetings with KAZAKHMYS
PLC directors with the aim to study the possibility of embodiment (after the
announcement, the share price of the company on LSE increased on 14
%).The refutation, made the same day by KAZAKHMYS PLC about
conducting embodiment meeting followed after led to quotation collapse.
The third wave came on March 25, when information appeared that
Kazakhstan Government intended to purchase a share in the company at
the rate under 15%. At this time the company confirmed the conducting of
preliminary meeting with the Government on some alternatives. They
include the possibility for KAZAKHMYS PLC to purchase assets of minerals
in Kazakhstan in exchange for minority interest purchasing by the
Government in the company.
The appearance of preferred shares of Mangistaumunaygas JSC (MMGZp)
wasn't conditioned by the growth of speculative activity of deals with
mentioned documents. In this relation the decreasing of rating of Daughter
Organization TuranAlem bank JSC and Temirbank JSC(TEBN, TEBNp)
shares liquidity played it's role. The volume of trades in March on TEBN
decreased in 42.8 times, along with this the volume of trades on TEBNp
increased in 2.6 times. Judging by this, the market is tired to support the
artificial interest to common shares of Temirbank JSC (let us remind that in
February, 2008, 93.6% of deals with TEBN were "inner").
The table below contains the first 10 positions of the rating, made by the
results of shares trades on KASE for the first three months of 2008. Stake
of these "ten" in total turnover of shares market of KASE made 62.4%.
During this period shares of 53 instrument names were involved in deals of
KASE's open secondary market.
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Liquidity indicator calculation base (Kl):
-----------------------------------------------
Share volume number number
Position symbol Kl of deals, number of KASE of effective days
m. KZT of deals members
-------- ------- ---- --------- -------- ------- -----------------
1 KKGB 2.74 6,728.2 1,241 104 57
2 RDGZ 2.24 4,270.0 935 85 59
3 BTAS 2.06 12,884.3 505 69 58
4 CCBN 1.79 4,176.4 601 68 58
5 HSBK 1.14 916.2 214 52 51
6 KZTK 1.05 1,275.6 209 43 49
7 KKGBp 0.96 1,941.5 165 38 46
8 GB_KZMS 0.79 295.8 133 33 42
9 TEBN 0.73 9,366.5 49 14 23
10 TSBN 0.67 270.0 100 30 34
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Notes
The rating is based on liquidity indicator (Kl), which is calculated for each
share on a specified period. Positions are rated by sorting shares in
descending order of Kl (the higher Kl, the higher liquidity is and the lower
position in the rating). The first position in the rating corresponds to the
highest Kl value.
Description of liquidity indicator calculation methods is available in the
proper section of the document, published at:
http://www.kase.kz/mix/rsp.pdf
in Russian and at
http://www.kase.kz/eng/mix/rsp.pdf in English.
IRBIS agency draws attention to the fact that while calculating the
liquidity indicator only data on deals, made in KASE secondary market
sector (including special trading floor of the regional financial center of
Almaty) by one of open trade methods, are taken into account.
"p" letter in the end of the symbol means preferred shares, other letters -
common shares.
Full list of symbols of issuers and securities traded on KASE is available at
http://www.kase.kz/instruments/nzb_code.htm
Material given above is not an offer or recommendation to sell or buy shares
on KASE. The using of it by anyone while taking investment decisions does
not make IRBIS agency responsible for possible losses, resulting from such
the decisions.
[2008-04-07]