/IRBIS, Jan.11, 00/ - In December 1999 at Kazakhstan Stock Exchange for state securities (SS) in the sector of purchase and sale 207 transaction were made totaling KZT9,843.9 mln. compared to last month turnover rose three times.

Statistical parameters and turnover structure are given in the table (in parentheses - comparable figures for previous month).

Till maturity, Annual yield to maturity, % Volume, days Min Max Last Weighted mln KZT at Deals trade average discount

---------------   -------  ----- -----  ---------  ------------------ ---------
Discount SS: МЕККАМ-3, notes    27.4 (24.9 %) of sector's turnover
less than 8         8.51   8.51    8.51     8.51      1.5               1
8 - 14              8.02  10.49    8.02     8.08     16.9               3 
15 - 28             9.03  12.49   12.49    11.63    134.7               5
29 - 36            13.18  13.96   13.18    13.39    157.3               5
37 - 42            13.01  13.01   13.01    13.01     49.3               1
43 - 56            12.65  15.38   15.38    14.53     98.7               9
57 - 63            14.44  15.63   14.44    15.36    546.3               7
64 - 91            13.98  15.63   14.50    14.99  1,692.6              59
Total                                             2,697.2 (753.8)      90 (50)
---------------   -------  ----- -----  ---------  ------------------ ---------
Discount indexed SS: МЕКАVМ-6, 9, MGU, ALU   3.6 (29.9 %) of sector's turnover
92 - 181            8.00   9.01    8.00     8.03    155.1               2
183 - 364           9.50  14.50   13.07    10.72    202.3              26
Total                                               357.5 (903.8)      28 (10)
---------------   -------  ----- -----  ---------  ------------------ ---------
Coupon indexed SS: AVMEKAM      6.2 (20.9%) of sector's turnover
1,562 - 1,581      11.86  17.47   13.44    15.93    613.6               6
Total                                               613.6 (631.5)       6 (2)
---------------   -------  ----- -----  ---------  ------------------ ---------
Euronotes of Kazakhstan, USD    24.3 (24.3%) of sector's turnover
*1 - 19          -2.2934  20.5874  9.2604   7.0846  1,392.0            16
**999 - 1,019    10.3715  10.6141 10.3762  10.5128  1,308.9             9
***1,729 - 1,757 11.6084  13.033  11.8061  12.3937  3,474.7            58
Total                                               6,175.6,(734.4)    83 (45)
---------------   -------  ----- -----  ---------  ------------------ ---------
SUBTOTAL                                            9,843.9,(3,023.5) 207 (107)
---------------   -------  ----- -----  ---------  ------------------ ---------

Notes: For the euronotes (* - first issue; ** - second issue; *** - third issue) yield is shown for buyer at APR, calculated by algorithm of KASE at weighted average USD/KZT rate of the Exchange (due to insignificant term till maturity of first issue euronotes, use of this algorithm does not always give adequate results); APR of indexed domestic SS is calculated at an official USD/KZT rate.

Main December trends of purchase and sale sector: - significant increase in liquidity of non-indexed at devaluation discount SS, which, on the one hand, was due to emergence of big amount of these securities on the market, and on the other hand, general decrease in short term devaluation expectations of the participants. - proportion between the rates for indexed at devaluation and usual discount papers reflect long term devaluation expectations of the participants quite accurately. - sharp growth in activities of dealers and brokers working with euronotes of Kazakhstan in the threshold of repayment of the first issue debt.