ANALYSIS: In May 2008 repo sector on KASE remained slow-acting

/IRBIS, Valeriy Khegay, June 20, 2008/ - In May 2008 on Kazakhstan Stock Exchange (KASE) in the sector of repo operations 5,771 deals were registered for the total of KZT1,400.5 bn. or USD11,615.7 m. at the current rate on dates of concluding deals, which is 63.0% of the KASE total May turnover (in April 2008 - 61.2 %). Compared to April 2008 the volume of transactions decreased by KZT339.2 bn. ($2,824.7 m.) or by 19.5 %. Relative to May 2007, the volume of transactions decreased by KZT552.8 bn. ($4,625.9 m.) or by 28.3% (by 28.5% expressed in dollar). The exchange turnover stake in the total volume of repo deals on the Kazakhstan market in May on comparable operations totaled 100%. In April 2008 the stake was 100% KASE repo market turnover structure in the analyzed month was as follows: 0. the stake of automatic repo transactions was 91.8% of the sector's turnover (KZT1,285.7 bn.), including deals in government securities (GS) - 78.7% (KZT1,102.4 bn.), deals in corporate securities (CS) - 13.1% (KZT183.3 bn.); 1. the stake of repo transactions, conducted by nego deals method, was 8.2% of the sector's turnover (KZT114.8 bn.), including deals in GS - 0.8% (KZT11.3 bn.), deals in CS - 7.4% (KZT103.4 bn.). For comparison, the structure of the stock exchange repo market in April 2008 was as follows: autorepo - 93.8% (GS -80.8%; CS - 13.0%); repo by nego method - 6.2% (GS - 1.0%; CS - 5.2%). In May exchange repo market was characterized by decreasing volume of concluded deals and rates on them. Judging by it, after finishing quarter payments in budget, the market calmed. ask decreasing on monetary market provokes considerable flow-in of earnings on oil export, which prices violently grew up. Thus, weighted average value of TONIA index in the analyzed period, decreased by 4.78%, compared to previous period and made 0.38% APR. Participants still prefer GS market, though it looks less attractive because of yield on instruments with high retained level of inflation. According to June 23 information, on National Bank's Board meeting, it intends to examine the question on decreasing of minimal reserve demands for STB, what allow to get additional liquidity on the market. This fact admits that by results of June repo market won't surprise by high activity and significant increasing of repo rates. Below are the tables which characterize primary segments of KASE repo market in April 2008 on opening operations in tenge (market's stake in titles of tables is given according to the actual volume of operations, including deals of opening and closing repo; information on direct deals with CS (5.2% of the market) are not published due to a very big volume of the table). Automatic repo with GS - 78.7% of the market ------------------------------------------------------------------------ Repo rate, % APR Instrument ------------------------------------- Volume, Num- Market (currency, on first mini- maxi- on last weighted KZT ber of share, term, days) deal mum mum deal average m. deals % ----------- -------- ----- ----- ------- -------- -------- ----- ------ KZT_001 3.00 0.05 3.00 0.05 0.38 471,825.4 1220 86.20 KZT_002 0.50 0.15 1.20 0.80 0.39 12,276.0 16 2.24 KZT_003 1.00 0.50 1.00 0.80 0.77 3,466.0 5 0.63 KZT_007 5.00 2.00 12.00 2.50 3.67 48,934.0 118 8.94 KZT_014 5.00 5.00 12.00 12.00 6.39 1,146.0 5 0.21 KZT_028 12.00 6.00 12.00 6.00 9.52 9,688.0 30 1.77 ----------- -------- ----- ----- ------- -------- --------- ----- ------ TOTAL 547,335.4 1,394 100 ------------------------------------------------------------------------ Automatic repo with CS - 13.1% of the market ------------------------------------------------------------------------ Repo rate, % APR Instrument ------------------------------------- Volume, Num- Market (security, on first mini- maxi- on last weighted m. ber of share, term, days) deal mum mum deal average KZT deals % ----------- -------- ----- ----- ------- -------- -------- ------ ------ ASBNb1_001 4.00 4.00 4.00 4.00 4.00 22.0 1 0.02 ASBNb1_007 10.00 10.00 10.00 10.00 10.00 20.0 1 0.02 ASBNb1_014 10.00 10.00 10.00 10.00 10.00 20.0 1 0.02 ASBNb1_030 11.50 11.50 11.50 11.50 11.50 17.0 1 0.02 ASBNb3_001 3.00 3.00 3.00 3.00 3.00 123.0 1 0.13 ASBNb3_003 3.00 3.00 3.00 3.00 3.00 122.0 1 0.13 ASBNb3_007 5.50 5.50 5.50 5.50 5.50 244.0 2 0.26 ASFI_001 5.00 5.00 5.00 5.00 5.00 1,239.0 3 1.31 ASFI_007 9.50 7.50 9.50 7.50 9.04 1,660.0 5 1.75 ASFI_030 11.50 11.00 11.50 11.50 11.43 3,755.1 9 3.96 ASFIb15001 3.00 3.00 3.00 3.00 3.00 240.0 1 0.25 ASFIb15003 7.00 5.00 7.00 5.00 6.15 1,310.0 4 1.38 ASFIb15014 10.00 10.00 10.00 10.00 10.00 750.0 3 0.79 ASFIb15028 12.00 12.00 12.00 12.00 12.00 530.0 1 0.56 ASFIb5_001 2.50 2.50 2.50 2.50 2.50 324.0 1 0.34 ASFIb5_003 5.00 3.50 6.50 4.00 4.12 1,469.0 5 1.55 ASFIb5_007 6.50 5.00 6.50 5.00 5.31 949.0 16 1.00 ASFIp_028 11.84 11.84 11.84 11.84 11.84 9,396.1 21 9.90 ATFBb3_007 10.00 10.00 10.00 10.00 10.00 17.0 1 0.02 ATFBb4_001 2.50 2.50 2.50 2.50 2.50 483.0 2 0.51 ATFBb4_002 6.50 3.50 6.50 3.50 4.03 462.0 4 0.49 ATFBb4_007 5.00 5.00 6.00 5.00 5.38 690.0 11 0.73 ATFBb4_014 8.00 6.50 9.00 6.50 7.89 630.0 8 0.66 ATFBb4_028 9.00 9.00 9.00 9.00 9.00 170.0 1 0.18 ATFBb5_007 10.00 10.00 10.00 10.00 10.00 7.0 1 0.01 ATFBb6_028 12.00 12.00 12.00 12.00 12.00 460.0 3 0.48 BTAIb5_001 2.50 2.50 2.50 2.50 2.50 215.0 2 0.23 BTAIb5_007 7.25 5.00 7.25 5.00 5.68 248.0 5 0.26 BTAIb6_001 3.00 3.00 3.00 3.00 3.00 695.0 4 0.73 BTAIb6_003 5.00 4.00 5.00 4.00 4.47 1,017.0 3 1.07 BTAIb6_007 5.50 5.50 5.50 5.50 5.50 57.0 1 0.06 BTAIb6_014 7.00 7.00 7.00 7.00 7.00 379.0 1 0.40 BTAS_001 4.50 2.50 4.50 3.00 3.55 609.2 8 0.64 BTAS_007 8.50 5.00 10.50 5.00 7.59 3,828.6 27 4.03 BTAS_030 11.00 11.00 15.00 11.00 13.29 2,650.2 9 2.79 BTAS_090 12.00 12.00 15.00 15.00 12.91 6,570.3 12 6.92 BTASb4_007 6.00 5.00 6.00 5.00 5.50 60.0 3 0.06 BTASb4_014 6.00 6.00 6.50 6.50 6.25 34.0 2 0.04 BTASb4_028 9.00 9.00 9.00 9.00 9.00 190.0 1 0.20 BTASb5_001 4.50 2.50 4.50 2.50 3.46 988.0 2 1.04 BTASb5_003 5.00 4.50 5.00 4.50 4.75 937.0 2 0.99 BTASb5_007 6.00 5.50 6.00 5.50 5.75 88.0 2 0.09 BTASb5_014 7.50 7.50 7.50 7.50 7.50 470.0 1 0.50 BTASb7_001 4.50 4.50 4.50 4.50 4.50 1,553.0 3 1.64 BTASb7_007 7.50 7.50 7.50 7.50 7.50 1,556.0 3 1.64 BTASb7_030 14.00 13.50 14.00 13.50 13.80 721.0 4 0.76 BTASb7_090 16.00 16.00 16.00 16.00 16.00 780.0 3 0.82 BTLZb1_001 4.50 3.00 4.50 3.00 3.75 230.0 2 0.24 BTTRb1_001 3.00 3.00 3.00 3.00 3.00 580.0 2 0.61 BTTRb1_014 5.00 4.80 5.00 4.80 4.83 1,184.0 2 1.25 CCBN_007 7.50 7.50 7.50 7.50 7.50 101.0 1 0.11 CCBN_014 9.00 6.50 10.00 8.80 8.82 589.0 10 0.62 CCBN_030 11.70 9.80 11.70 9.80 10.75 913.0 10 0.96 CCBNb13003 3.00 3.00 3.00 3.00 3.00 140.0 1 0.15 CCBNb13007 6.00 5.00 6.00 5.00 5.66 430.0 3 0.45 CCBNb13014 8.00 6.50 8.00 6.50 7.35 441.0 2 0.46 CCBNb14007 8.50 6.00 8.50 6.00 6.26 78.0 2 0.08 CCBNb4_007 7.50 7.50 7.50 7.50 7.50 23.0 1 0.02 CCBNb4_014 9.50 8.00 9.50 8.00 8.75 46.0 3 0.05 CCBNb9_001 3.00 3.00 3.00 3.00 3.00 405.0 3 0.43 CCBNb9_007 7.50 7.50 7.50 7.50 7.50 15.0 1 0.02 CCBNb9_014 9.50 8.00 9.50 8.00 8.75 30.0 2 0.03 CSBNb4_001 2.50 2.50 2.50 2.50 2.50 100.0 1 0.11 CSBNb4_003 5.00 4.50 5.00 4.50 4.75 503.0 2 0.53 CSBNb4_007 6.00 6.00 6.00 6.00 6.00 240.0 1 0.25 CSBNb4_014 7.50 7.50 7.50 7.50 7.50 252.0 1 0.27 CSBNb5_003 5.00 4.50 5.00 4.50 4.75 358.0 2 0.38 CSBNb5_007 6.00 6.00 6.00 6.00 6.00 88.0 1 0.09 CSBNb5_014 7.50 7.50 7.50 7.50 7.50 179.0 1 0.19 CSBNb6_001 4.50 3.00 4.50 3.00 3.21 1,585.0 7 1.67 CSBNb6_003 3.00 3.00 3.00 3.00 3.00 230.0 1 0.24 CSBNb6_007 6.00 6.00 6.00 6.00 6.00 100.0 1 0.11 CSBNb6_014 6.00 6.00 7.50 7.50 7.34 159.0 2 0.17 DTJLb1_001 3.00 3.00 3.00 3.00 3.00 213.0 6 0.22 DTJLb1_014 10.00 8.00 10.00 8.50 8.57 223.0 7 0.23 EUBNb3_014 8.00 8.00 8.00 8.00 8.00 50.0 1 0.05 EUBNb3_028 9.30 9.30 9.30 9.30 9.30 364.0 1 0.38 EXBN_090 11.00 11.00 11.00 11.00 11.00 120.0 1 0.13 GLOTb2_028 14.00 14.00 14.00 14.00 14.00 186.0 1 0.20 HSBKb10007 6.00 6.00 6.00 6.00 6.00 270.0 1 0.28 HSBKb11014 9.00 8.50 9.00 8.50 8.83 290.0 2 0.31 HSBKp1_001 3.00 2.50 5.50 2.50 3.14 722.0 4 0.76 HSBKp1_003 5.00 5.00 5.00 5.00 5.00 710.0 1 0.75 HSBKp1_007 8.00 0.00 8.00 5.00 5.70 2,917.0 28 3.07 HSBKp1_014 8.00 6.50 9.00 6.50 6.97 2,448.0 7 2.58 HSBKp1_030 11.00 11.00 11.00 11.00 11.00 33.0 1 0.03 KASTb1_028 11.50 11.50 11.50 11.50 11.50 865.0 2 0.91 KIBNb3_021 7.00 7.00 7.00 7.00 7.00 5.0 1 0.01 KKAGb3_001 4.50 4.50 4.50 4.50 4.50 134.0 1 0.14 KKGB_001 4.00 4.00 5.00 4.00 4.16 243.0 5 0.26 KKGB_028 14.00 14.00 14.00 14.00 14.00 49.0 1 0.05 KKGBb2_003 3.50 3.00 3.50 3.00 3.30 247.0 2 0.26 KKGBb2_007 10.00 5.50 10.00 5.50 6.33 233.1 3 0.25 KKGBb2_014 8.00 6.50 8.00 6.50 7.07 739.1 7 0.78 KZIKb10028 12.00 12.00 12.00 12.00 12.00 40.0 1 0.04 KZIKb12028 12.00 12.00 12.00 12.00 12.00 170.0 1 0.18 KZIKb2_007 6.50 6.50 6.50 6.50 6.50 130.0 1 0.14 KZTK_001 5.00 5.00 5.00 5.00 5.00 52.0 2 0.05 KZTK_003 4.00 4.00 4.00 4.00 4.00 135.0 4 0.14 KZTK_007 8.00 7.00 8.00 7.00 7.03 181.0 3 0.19 KZTK_014 6.00 6.00 8.00 6.50 6.64 56.0 4 0.06 NFBN_001 7.00 7.00 8.00 8.00 7.93 1,962.0 24 2.07 NFBN_003 8.00 8.00 8.00 8.00 8.00 2,484.0 30 2.62 NFBN_007 8.00 8.00 10.00 10.00 9.91 1,155.0 17 1.22 NFBN_028 10.00 10.00 11.00 11.00 10.81 1,410.0 16 1.49 ORDB_014 9.50 9.50 10.00 10.00 9.91 160.0 3 0.17 ORDB_028 14.50 14.50 15.00 14.50 14.68 1,118.0 11 1.18 ORDB_090 14.50 14.50 14.50 14.50 14.50 120.0 1 0.13 PRKRb2_001 3.75 2.50 3.75 2.50 3.56 6,248.0 6 6.58 PRKRb2_003 5.50 5.50 5.50 5.50 5.50 1,000.0 1 1.05 PRKRb2_014 4.80 4.80 4.80 4.80 4.80 1,000.0 1 1.05 PRKRb2_028 9.30 9.30 9.30 9.30 9.30 592.0 1 0.62 RDGZ_007 6.50 6.00 6.50 6.00 6.27 206.0 3 0.22 RDGZ_014 6.50 6.50 6.50 6.50 6.50 364.0 1 0.38 RDGZ_028 11.00 11.00 11.00 11.00 11.00 65.0 1 0.07 RGBRb5_001 5.00 5.00 5.00 5.00 5.00 40.0 1 0.04 RGBRb5_007 7.50 7.50 7.50 7.50 7.50 140.0 1 0.15 RGBRb5_028 11.00 11.00 11.00 11.00 11.00 90.0 2 0.09 ROSA_007 8.00 8.00 8.00 8.00 8.00 46.0 1 0.05 ROSA_028 13.00 13.00 13.00 13.00 13.00 180.0 2 0.19 TEBN_001 4.00 3.00 4.00 4.00 3.98 2,362.0 21 2.49 TEBN_007 8.00 8.00 8.00 8.00 8.00 519.0 5 0.55 TEBN_014 10.50 10.50 10.50 10.50 10.50 925.0 5 0.97 TEBNb16001 5.00 5.00 5.00 5.00 5.00 50.0 1 0.05 TEBNp_001 4.50 4.50 4.50 4.50 4.50 16.0 1 0.02 TSBN_007 9.00 9.00 9.00 9.00 9.00 43.0 1 0.05 TSBN_014 8.00 7.50 9.50 7.70 8.39 262.0 16 0.28 TSSMb1_001 3.00 3.00 3.00 3.00 3.00 955.0 6 1.01 TSSMb1_003 3.00 3.00 3.00 3.00 3.00 170.0 1 0.18 UTMK_030 14.00 14.00 14.00 14.00 14.00 1,500.0 3 1.58 VITAb5_014 14.50 14.50 14.50 14.50 14.50 160.0 1 0.17 ----------- -------- ----- ----- ------- -------- -------- ------ ------ ИТОГО 94,922.3 554 100 ------------------------------------------------------------------------ Repo on direct deals with GS - 0.8% of the market --------------------------------------------------------------------------- Repo rate, % APR Term of ----------------------------------------- Volume, Num- Market repo, on first mini- maxi- on last weighted m. ber of share, days deal mum mum deal average KZT deals % ------- -------- ----- ----- ------- -------- ------- ------ ------ 0 23.6 1 0.50 1 6.50 0.50 6.50 4.00 3.63 711.2 11 15.08 2 0.75 0.75 0.75 0.75 0.75 233.6 4 4.95 3 3.00 0.50 8.00 8.00 5.46 229.8 3 4.87 4 2.00 2.00 2.00 2.00 2.00 77.6 1 1.65 5 2.00 2.00 2.00 2.00 2.00 150.0 2 3.18 6 1.50 1.50 9.00 6.00 4.43 967.7 13 20.52 7 10.00 1.50 10.00 9.00 6.08 742.5 11 15.75 8 10.00 4.63 10.00 4.63 7.80 121.9 3 2.58 13 8.00 8.00 8.00 8.00 8.00 333.0 4 7.06 19 8.00 8.00 8.01 8.01 8.00 630.5 7 13.37 21 7.34 7.34 7.34 7.34 7.34 157.9 2 3.35 28 8.50 8.50 8.50 8.50 8.50 28.5 2 0.60 31 11.00 11.00 11.00 11.00 11.00 50.0 1 1.06 32 8.00 8.00 8.00 8.00 8.00 10.1 1 0.21 59 8.50 8.50 8.50 8.50 8.50 22.0 3 0.47 60 8.50 8.50 8.50 8.50 8.50 146.6 3 3.11 61 8.50 8.50 8.50 8.50 8.50 36.7 2 0.78 62 8.50 8.50 8.50 8.50 8.50 35.9 1 0.76 88 8.54 8.54 8.54 8.54 8.54 6.6 1 0.14 ------- -------- ----- ----- ------- -------- ------- ------ ------ TOTAL 4,715.9 76 100 --------------------------------------------------------------------------- [2008-06-20]