/IRBIS, February 4, 2010/ -BTA Bank JSC subsidiary BTA Securities (BTA Securities, Almaty) has provided IRBIS with a survey of main events, Forecasts and Investment ideas for February 4, 2010.

According to the report, the company analysts expect today: - Yesterday's trading showed that the market is not ready for an extended rally. Uncertainty investors press on the market, which translates into increased daily, as well as weekly volatility. Today, we expect the weakening of the dynamics of the global sites. Speculation about a possible revision of the credit rating of the U.S. will press for auction. But increasingly the market will monitor the data on unemployment. Projections and primary data indicate a slowdown in unemployment. Another development on the other side of the ocean should be a meeting of the ECB, which is likely to be retained key rate (1%). In his speech, the head of the ECB, Trichet will touch the issue of weakness of the European economy and the problems of the Greek economy. The market can support corporate reporting MasterCard and Moody's.

• On Feb. 4 majority of Kazakhstan's shares can end your day decline against the backdrop of a small correction of global indices. The market needs a confident news support for continued growth. The worst stock market may look raw companies. For them there is a significant arbitrage with respect to the GDR.
• Quotations of oil are likely to continue the lateral movement on the eve of release of official data of the Ministry of Labor as the labor market in January. News background from South-East Asia and Europe today will add to the negative investor sentiment. In Australia and the EU recorded a decline of retail sales. Strengthening the dollar will be an additional factor of pressure on oil prices.
• Expected continued strengthening of the dollar against the problems with budget deficits of the euro area small and slow recovery of growth in Southeast Asia will exert pressure on raw materials, including metals. However, the negative impact of this factor is mitigated by the release of positive data on the expected initial applications for unemployment benefits and industrial orders in the U.S., analysts say BTA Securities.
• on February 4 analysts of BTA Securities expect the dollar strengthened against the backdrop of positive U.S. labor market and the decisions of the ECB rate. The British pound will weaken against the decision of the Bank of England monetary policy.

Analysts of BTA Securities give the following advice for investors in securities of issuers in Kazakhstan:

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                           Stock    Final Target price Recom     Potential
Emitter                    Exch     price              mendation % percent
                           ange
-------------------------- ----- -------- ------------ --------- ---------
Banks
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KAZKOMMERTSBANK-GDR        LSE        8.9          5.5 Sell            -38
KAZKOMMERTSBANK            KASE     660.0        410.0 Sell            -38
KAZKOMMERTSBANK -PREF      KASE     280.5        205.0 Sell            -27
HALYK BANK-GDR             LSE       10.2          7.9 Sell            -22
HALYK BANK                 KASE     374.0        295.0 Sell            -21
HALYK BANK -PREF (HSBKP)   KASE     170.0        147.0 Hold            -14
HALYK BANK -PREF1 (HSBKP1) KASE     176.3        191.0 Hold             +8
BANK CENTER CREDIT         KASE     815.0        618.0 Sell            -24
-------------------------- ----- -------- ------------ --------- ---------
Oil and Gaz:
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KAZKMUNAIGAZ-GDR           LSE       25.5         30.1 Buy             +18
KAZKMUNAIGAZ               KASE  22,050.0     27,108.0 Buy             +23
BMB MUNAI                  AMEX      1.28         2.54 Buy             +98
-------------------------- ----- -------- ------------ --------- ---------
Metallurgy:
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KAZAKHMYS PLC              LSE    1,325.0      1,324.0 Hold              0
ENRC                       LSE      953.0      1,059.0 Hold            +11
KAZAKHGOLD-GDR             LSE        7.2          7.0 Hold             -2
URANIUM ONE                LSE        3.4          2.0 Sell            -41
-------------------------- ----- -------- ------------ --------- ---------
Companies with small capital:
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KAZAKTELECOM               KASE  18,400.0     22,490.0 Buy             +22
KAZAKHSTAN KAGAZY          LSE      0.290        0.039 Sell            -87
STEPPE CEMENT              LSE       75.0        120.9 Buy             +61
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The given material has exclusively information character and is not the offer
or recommendation to make any transactions with the stocks. Agency Irbis doesn't
take responsibility for the opinions which are in given material.

[2010-02-04]