EN
2 April 2025, 14:56
Go to old.kase.kz
English
Information/
Market and Company News
22.10.2008 20:21 #KASE news

ANALYSIS: In September 2008 KASE repo market reached the regular historical maximum

/IRBIS, Valeriy Khegay, October 22, 08/ - In September 2008 on Kazakhstan Stock Exchange (KASE) in the sector of repo operations 8,274 deals were registered for a total of KZT2,818.2 bn. or USD23,426.5 m. at the current rate on dates of concluding deals, which is 55.0 % of the total turnover of KASE in the given month (in August 2008 - 60.9 %).

The mentioned value is the biggest monthly turnover of repo transactions on KASE for the whole Exchange history. The previous record was reached in August 2008, when volume of repo transactions reached KZT2,593.1 bn. or $21,615.6 m.

Compared to August 2008 the volume of transactions increased by KZT225.1 bn. ($1,810.9 m.) or by 8.7%. Relative to September 2007 the volume of transactions increased by KZT494.1 bn. ($4 430.6 m.) or by 21.3 % (by 23.3 % in dollar terms).

Stake of the exchange turnover in the total volume of repo deals at the Kazakhstan market in September on comparable operations totaled 98.7 %, in August 2008 - 99.9%.

Structure of repo market turnover at KASE in analyzed month was as follows:

0. the stake of automatic repo transactions was 94.7 % of the sector's turnover (KZT2,667.5 bn.), including deals in government securities (GS) - 84.6% (KZT2,385.3 bn.), deals in corporate securities (CS) - 10.1 % (KZT282.2 bn.);

1. the stake of repo transactions, conducted by nego deals method was 5.3 % of the sector's turnover (KZT150.7 bn.), including deals in GS - 0.6 % (KZT17.4 bn.), deals in CS - 4.7 % (KZT133.3 bn.).

For comparison, structure of stock exchange's repo market in August, 2008 was as follows: autorepo - 94.8 % (GS - 81.9 %; CS - 12.9 %); repo by nego method - 5.2 % (GS - 0.5 %; CS - 4.7 %).

Under the last events, the analyzed period is separated by high turbulence of price parameters on corporate security market, by sharp fall of world stock indexes and investors` unwillingness to invest, expecting for price bottom, Thus, free cash was concentrated on KASE repo floor in September as well as in August.

Note the changed turnover structure of KASE repo market. Relative to the beginning of the year the tendency on increasing the stake of autorepo with GS with simultaneous decreasing the stake of autorepo with CS is observed. If the stake of autorepo with GS was equaled to 76.7 % in January 2008 and the stake of autorepo with CS - 16.2 %, then in the analyzed month they made 84.6 % and 10.1 % correspondently. The same is with reduced terms of transactions, especially during strong price parameters fluctuations. IRBIS specialists explained this situation by difficulty in forecasting under pledge instruments future price as well as intentions of participants to protect themselves from contractors` default on obligations risk, considering the bad experience of Russian market, where the volume of default obligations on repo deals made RUB2 bn.

TONIA indicator increased from 2.94 % APR in August to 3.06 % APR in September. However, considering abovementioned situation, growth of borrowings` value looks valid.

Below tables are given, which characterize primary segments of repo market of KASE in September 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 (4.7 % of the market) are not published by IRBIS due to a very big volume of the table).

Automatic repo with GS - 84.6 % of the market

--------------------------------------------------------------------------
                                 Repo rate, % APR              Num-
Instrument  -------------------------------------     Volume,   ber Market
(currency,  on first mini- maxi- on last weighted         KZT    of share,
term, days)     deal   mum   mum    deal  average          m. deals      %
----------- -------- ----- ----- ------- -------- ----------- ----- ------
KZT_000         3.99  3.99  4.00    4.00     4.00     1,000.0     2   0.08
KZT_001         4.00  0.50  7.00    1.00     3.06 1,077,667.4  2124  90.25
KZT_002         5.30  2.00  5.50    5.50     4.40    33,193.0    25   2.78
KZT_003         4.00  3.50  5.00    4.00     4.01     6,517.0    11   0.55
KZT_007         4.50  1.50  6.00    3.00     4.78    73,517.0   130   6.16
KZT_014                                      5.00       770.0     1   0.06
KZT_028         6.00  6.00  6.00    6.00     6.00     1,365.0     2   0.11
----------- -------- ----- ----- ------- -------- ----------- ----- ------
TOTAL                                             1,194,029.5 2,295    100
--------------------------------------------------------------------------

Automatic repo with CS - 10.1 % 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      %
----------- -------- ----- ----- ------- -------- --------- ------ ------
ASBNb10_028                                 11.00   1,250.0      1   0.92
ASBNb7_001                                   4.50     237.0      1   0.17
ASFI_001        2.50  2.00  6.00    3.00     3.07   3,473.1     16   2.54
ASFI_007       11.00  6.50 11.00    8.00     9.74   5,532.1     19   4.05
ASFI_014                                    10.00     164.0      1   0.12
ASFI_030       12.00 11.00 12.50   12.00    11.43  17,846.3     27  13.07
ASFIb15001      5.00  5.00  6.00    6.00     5.65   1,377.0      9   1.01
ASFIb15007      7.00  7.00  7.00    7.00     7.00     149.0      3   0.11
ASFIp_001                                    3.50   1,787.0      1   1.31
ASFIp_007                                    7.50   1,785.0      1   1.31
ASFIp_028      11.84 11.00 11.84   11.84    11.81  14,854.2     20  10.88
ATFBb3_007      7.00  7.00  7.00    7.00     7.00     389.0      2   0.28
ATFBb3_014      8.25  8.25  8.50    8.25     8.46     232.0      3   0.17
ATFBb3_028                                  10.00     819.0      1   0.60
ATFBb4_001                                   4.00     185.0      1   0.14
ATFBb4_007                                   5.60     140.0      1   0.10
ATFBb4_014      8.00  8.00  8.00    8.00     8.00     358.0      2   0.26
ATFBb5_028                                  10.00     121.0      1   0.09
BTAS_001        5.00  3.00  6.00    6.00     5.44   7,404.9     48   5.42
BTAS_003        6.00  6.00  6.00    6.00     6.00     558.0      4   0.41
BTAS_007        7.50  5.00 15.00    8.50     7.69   2,729.6     32   2.00
BTAS_030       12.50  9.00 15.00   15.00    14.38   1,760.1      8   1.29
BTAS_090       12.00 12.00 14.00   12.00    12.03   7,006.3     16   5.13
BTASb1_007      7.50  6.70  7.50    6.70     7.23     720.0      2   0.53
BTASb3_007      7.00  6.70  7.00    6.70     6.85     205.0      2   0.15
BTASb4_007      7.00  6.70  7.00    6.70     6.85     160.0      2   0.12
BTASb4_014                                   7.50     300.0      1   0.22
BTASb7_030     13.50 12.50 15.00   12.50    13.21     488.0      4   0.36
BTASb7_090     14.00 14.00 14.00   14.00    14.00   1,676.0      5   1.23
BTASb9_001      4.00  1.00  4.50    4.50     4.23   2,303.0     14   1.69
BTASb9_003      5.00  5.00  8.20    8.20     6.44   6,600.0     11   4.83
BTASb9_007      8.50  7.00  8.50    7.00     7.99   6,630.0     10   4.86
BTASb9_014      8.00  8.00  8.00    8.00     8.00   3,495.0      9   2.56
BTASb9_030     10.00 10.00 10.20   10.00    10.11   6,814.0      9   4.99
CCBN_007        7.50  5.50  8.00    8.00     6.72     132.0      6   0.10
CCBN_014        9.00  6.00  9.00    9.00     8.29     128.0      5   0.09
CCBN_030       12.00 11.00 12.50   12.50    11.94   4,379.0      6   3.21
CCBN_090       12.00 12.00 12.00   12.00    12.00   4,589.0      2   3.36
CCBNb10030     10.00 10.00 10.50   10.50    10.11     797.0      3   0.58
CCBNb12007      8.00  8.00 10.00    8.00     8.57     508.0      5   0.37
CCBNb13001      4.00  4.00  4.00    4.00     4.00     170.0      2   0.12
CCBNb13014                                  10.50     282.0      1   0.21
CCBNb13028                                  10.50     271.0      1   0.20
CCBNb3_014      8.00  8.00 10.50    8.00     8.23     288.0      3   0.21
CCBNb3_028     10.50 10.00 10.50   10.00    10.11     114.0      2   0.08
CCBNb9_014                                   8.50     127.0      1   0.09
CSBNb6_003                                   5.00     224.0      1   0.16
CSBNb6_007      7.50  7.50  8.00    8.00     7.83     661.0      3   0.48
EUBNb3_007      7.00  6.70  7.00    7.00     6.86     965.0      5   0.71
EXBNb1_007                                   5.00     350.0      1   0.26
EXBNb1_014                                   9.00       9.0      1   0.01
HSBKb10007      6.00  6.00  6.00    6.00     6.00     240.0      3   0.18
HSBKb7_014      8.25  8.25  8.25    8.25     8.25      26.0      2   0.02
HSBKb7_028     10.00 10.00 10.25   10.25    10.20     156.0      2   0.11
HSBKp1_001                                   4.00       8.0      1   0.01
HSBKp1_007      7.50  5.00  7.50    7.50     6.38     619.0     11   0.45
KASTb1_028     11.50 11.50 11.50   11.50    11.50     865.0      2   0.63
KKGBb2_014      7.50  7.50  8.25    8.25     7.53   1,532.1      4   1.12
KZIKb2_007                                   6.50      10.0      1   0.01
KZIKb2_014      8.00  8.00  8.00    8.00     8.00     128.0      2   0.09
KZIKb3_028     10.00 10.00 10.00   10.00    10.00      83.0      2   0.06
KZTCb1_007                                   6.50      90.0      1   0.07
KZTK_001        4.00  4.00  6.00    6.00     5.25     376.1     10   0.28
KZTKp_001       5.00  5.00  6.00    6.00     5.13     236.0      8   0.17
NFBN_001       11.00 11.00 11.00   11.00    11.00   1,548.0     21   1.13
ORDB_028       18.00 14.50 18.00   14.50    16.21     962.0     11   0.70
ORDB_090       12.00 12.00 12.00   12.00    12.00     120.0      2   0.09
ORDBb2_028                                  13.50      25.0      1   0.02
ORDBp_028      16.00 16.00 16.00   16.00    16.00     168.0      2   0.12
PRKRb2_001      5.50  5.50  5.50    5.50     5.50   2,000.0      2   1.47
PRKRb2_003                                   6.00     500.0      1   0.37
PRKRb2_007                                   4.75     740.0      1   0.54
PRKRb2_014                                   6.50      84.0      1   0.06
PRKRb2_028                                  11.00   3,749.0      1   2.75
RDGZ_001        7.50  5.50  7.50    5.50     7.00     668.0      5   0.49
RDGZ_007        7.50  5.00 12.00    9.30     7.19   4,857.1     18   3.56
RDGZ_028                                    11.00      78.0      1   0.06
RGBRb4_028                                  12.00      22.0      1   0.02
RGBRb5_003                                  10.00     100.0      1   0.07
RGBRb5_007     12.00  7.00 12.00    7.00    11.93     365.0      4   0.27
RGBRb5_028                                  12.00     134.0      1   0.10
RGBRb6_001      4.00  4.00  6.00    6.00     4.65     620.0      4   0.45
RGBRb6_003                                  12.00     117.0      1   0.09
RGBRb6_028                                  11.50      40.0      1   0.03
TEBN_001                                     6.50       5.0      1   0.00
TEBN_007        7.50  7.50 10.00   10.00     9.35     441.0      8   0.32
TEBN_030                                    12.50      51.0      1   0.04
TEBNb16014                                  10.00       7.0      1   0.01
TEBNp_007       7.50  7.50 10.00   10.00     9.45     154.0      4   0.11
TEBNp_030      12.50 12.50 12.50   12.50    12.50     130.0      3   0.10
TSBN_030       11.00 10.00 11.00   11.00    10.97     916.0      9   0.67
----------- -------- ----- ----- ------- -------- --------- ------ ------
TOTAL                                             136,513.0    491    100
-------------------------------------------------------------------------

Repo on direct deals with GS - 0.6 % 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       %
-------  --------  -----  -----  -------  --------  --------  ------  ------
1            3.00   3.00   8.00     3.50      5.08   2,795.7      30   26.85
4            8.00   6.50   8.00     8.00      7.45     787.7       7    7.57
5            6.10   2.50   6.10     2.50      5.70     498.9       5    4.79
7            4.00   4.00   6.50     6.00      5.83   1,944.4      16   18.67
8                                             5.56      34.0       1    0.33
10          29.20  29.20  29.20    29.20     29.20       7.1       2    0.07
11                                           11.00      28.0       1    0.27
13                                            6.27     122.0       1    1.17
15                                            0.03      18.7       1    0.18
16                                            6.69      80.0       1    0.77
18                                            6.89      70.0       1    0.67
22                                            4.00      45.0       1    0.43
27           6.66   6.66   6.66     6.66      6.66     244.0       2    2.34
28           6.26   6.26  10.00    10.00      6.55     433.9       5    4.17
29           3.00   3.00   3.00     3.00      3.00     431.0       6    4.14
30           3.00   3.00   3.00     3.00      3.00     288.2       3    2.77
31           3.00   3.00   3.00     3.00      3.00     192.5       2    1.85
33                                            3.00     140.0       1    1.34
35          10.00  10.00  10.00    10.00     10.00     801.3       9    7.70
42           6.52   6.18   6.52     6.18      6.47     118.1       2    1.13
62          10.00  10.00  10.00    10.00     10.00     198.7       2    1.91
181          4.86   0.00   4.86     0.00      3.43   1,133.3      12   10.88
-------  --------  -----  -----  -------  --------  --------  ------  ------
TOTAL                                               10,412.4     111     100
----------------------------------------------------------------------------

[2008-10-22]