/KASE, August 16, 11/ - As previously informed, Kazakhstan Stock Exchange
(KASE) Board of Directors on March 31, 2011 approved the new version of KASE
internal document "Methodology of Securities Valuation" (the Methodology) that
stipulates significant changes if compared with the Methodology in force:
1. the order of GS grouping for their valuation has been changed;
2. approach to valuation of corporate bonds has been changed;
3. criteria used for separation of shares in liquid and non-liquid ones for
their valuation have been changed;
4. discount rates for market prices of GS designed for their use in auto repo
transactions have been adjusted due to a change in the CS grouping
procedure.
The Methodology has been approved by the Committee on Regulation and
Supervision of Financial Market and Financial Organizations of the National
Bank of the Republic of Kazakhstan (FSC NBK) on August 9, 2011 and will become
effective from August 23, 2011.
Due to the above mentioned from the date the Methodology will b given effect
KASE plans to change the structure of files with data on market valuation of
equity and debt securities, published weekly on the first working day on KASE
Internet site at
http://www.kase.kz/en/marketvaluation
The structure of files with data on market valuation in the XLS format will be
changed as follows:
1. the page "IFO" with the data on market prices of international financial
organizations securities has been added;
2. the list "Notes of NBK" has been deleted;
3. the name "Shares of Kazakhstan Issuers" will change to "Shares";
4. the name "Corporate Bonds of Kazakhstan Issuers" will change to
"Corporate Bonds";
5. the name "Bonds of the Ministry of Finance" will change to "GS of the
Republic of Kazakhstan"; on this list will be published the data on market
valuation of MEOKAM, MEUKAM, MEKKAM, MUIKAM, MOIKAM,
MEUJKAM, MAOKAM and notes of the National bank of the Republic of
Kazakhstan;
6. on the page "Corporate Bonds" in the field "Market price, in % to a face
value" will be replaced columns "without discount, "dirty" and "with
discount, "dirty" (for KASE purposes)" columns " without discount, "net"
and "Yield to maturity, % APR" will be filled in only for debt securities
traded on KASE in "net" prices;
7. the column "Face Value" or "Nominal" will be deleted from each page of this
file;
8. pages "Shares" and "Corporate Bonds" will be supplemented with columns
"ISIN" - securities international identification codes.
The structure of files with data on market valuation in the TXT format will be
changed as follows:
1. the field "Face Value" will be deleted;
2. the field "Quotation Currency" will be deleted;
3. instead of "net" price will be indicated "dirty" price;
4. the field "ISIN" will be added.
Thus, each line of the TXT format file will have five fields:
1. security national identification number (NIN);
2. security international identification number (ISIN);
3. "dirty" price in % from a face value for debt securities or price in tenge
for equity securities;
4. GS yield to maturity for a buyer in % APR (for shares and corporate bonds
the field value of this field - "Null" (empty));
5. active market: for shares that have an active market - "1", for the rest of
shares - "0" (for other securities this field value - "Null" (empty)).
The new Methodology text is available on KASE website at
http://www.kase.kz/files/normative_base/met_ocen_zb_new_eng.pdf
The Methodology in force is available on KASE website at
http://www.kase.kz/files/normative_base/met_ocen_zb_eng.pdf
Previously KASE published news:
- of August 16, 2011 "NEW METHODOLOGY OF SECURITIES VALUATION
BECOMES EFFECTIVE FROM AUGUST 23" -
http://www.kase.kz/news/show/1144243
- of April 6, 2011 "KASE Board of Directors approves reviewed Methodology
of Securities Valuation" at
http://www.kase.kz/en/news/show/1132955
[2011-08-16]