ANALYSIS: Liquidity rating of KASE listing shares on the secondary market in June and initial six months of 2008
/IRBIS, Dinara Mukasheva, July 11, 08/ - IRBIS information agency of financial markets (Almaty) has made liquidity rating of listing companies' shares traded on Kazakhstan Stock Exchange (KASE) in June of 2008.
The first 10 positions of the rating are given below. In June these shares possessed 64.7% of turnover of corresponding sector of exchange market. Over the specified period, deals with shares of 46 names have been made on KASE open secondary market.
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Liquidity indicator calculation base (Kl):
Posi Posi Liquidity ------------------------------------------
tion in tion in indi- volume number number
June. May Share cator of deals, number of KASE of success-
2008 2008 symbol (Kl) m. KZT of deals members ful days
------- ------- ------ --------- ---------- -------- ------- -----------
1 3 KZTK 2.87 12,153.6 276 49 20
2 1 RDGZ 2.21 3,708.5 168 48 21
3 2 BTAS 1.69 1,004.4 112 39 19
4 4 CCBN 1.48 546.5 110 29 20
5 5 KKGB 1.41 275.9 80 36 16
6 9 KZTKp 1.14 87.7 57 26 17
7 6 HSBK 1.07 139.5 60 25 14
8 13 MMGZp 0.87 678.4 76 15 11
9 - ATFBp8 0.65 15,301.4 11 3 2
10 14 KKGBp 0.64 57.3 27 16 9
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MMGZp, ATFBp8 and KKGBp having replaced GB_ENRC (7th position in May), GB_KZMS (8th position) and HSBKp1 (10th position) correspondently have become the newcomers of the "liquid ten".
Reanimation of preferred shares of ATF Bank JSC (ATFBp8) in rating was furnished by the series of "internal" deals, made on June 19 and 23.
Trade activity on common shares of EURASIAN NATURAL RESOURSES CORPORATION PLC (GB_ENRC) in June sharply fell on ferrochrome world market situation. During the whole month decreasing of demand on raw (ferrochrome) on the side of producers of stainless steel, who also reduced their output, was observed. In this segment of the market there is surplus of supply, when ferrochrome consumers shift to their reserves. Due to the fact that 2/3 of ENRC income is brought by ferrochrome sales, decrease of attractiveness of the segment of the market certainly influenced the rate of investment interest to securities of this issuer.
Decreasing of KAZAKHMYS PLC (GB_KZMS) common shares in rating correlated with share securities situation of the issuer on London Stock Exchange (fall by 5.8 %). Volume of trades in these securities on KASE decreased by 6 times compared to May, 2008, trade activity was supported by one contractor. At that, during analyzed period there was no sharp decreasing of prices on copper on world commodity markets. One of the reasons is increasing of KAZAKHMYS PLC stake in ENRC from 14.59 % to 22.24 % as a result of change with Government of Kazakhstan republic.
The table below contains the first 10 positions of the rating, made by the results of shares trades on KASE for the first six months of 2008. Stake of these "ten" in total turnover of shares market of KASE made 56.9 %. During this period shares of 67 instrument names were involved in deals of KASE open secondary market.
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Liquidity indicator calculation base (Kl):
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volume number
Share of deals, number of KASE number
Position symbol Kl m. KZT of deals members of effective days
-------- ------- ---- --------- -------- ------- -----------------
1 RDGZ 3.00 63,301.0 2,381 111 121
2 KKGB 2.07 7,629.4 1,426 109 104
3 BTAS 1.74 17,272.3 887 85 113
4 CCBN 1.63 6,235.1 914 78 119
5 KZTK 1.41 16,910.7 623 68 97
6 HSBK 1.20 2,937.3 410 65 101
7 KKGBp 0.81 2,141.2 227 44 72
8 GB_KZMS 0.80 448.4 210 41 82
9 KZTKp 0.69 486.3 181 37 67
10 HSBKp1 0.60 329.7 124 20 88
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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: see more in Russian and at see more 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 see more
The data aforementioned is not an offer or recommendation to sell or buy shares on KASE. Using the data while making investment decisions does not rest the responsibility for possible losses resultant from such decision on the IRBIS agency.
[2008-07-11]