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Market and Company News
01.03.2002 00:00

In February 2002 volume of CS deals at KASE fell by 16.2% down to $35.7m against January 2002

/IRBIS, Mar 1, 02/ - In February 2002 at the Kazakhstan Stock Exchange (KASE) 95 deals were made in corporate securities in all sectors of the market for a total of $35,668.5 th. (KZT5,420.1m at current rate of the Exchange effective on the day the deals were made on). In comparison with previous month sector's turnover decreased by $6,870.9 th (KZT1,020.2m) or 16.2% (15.8% in tenge). Relative to February 2001 transactions volume rose by $22,854.6 th (KZT3,558.6m) or by 2.8 times (2.9 times in tenge).

As IRBIS analysts assumed the market volume continues to be negatively influenced by a prohibition from January 11 on making deals in counter repo with participation of pension assets via only open trades method. A possibility of trade in automatic repo sector using CS will be given to traders only from March 16 and volumes of the market have to restore.

Low issue activity of Kazakhstan issuer has had a bad influence. Only in the last decade of February new issues of corporate bonds appeared in the market (Development Bank of Kazakhstan OJSC and SB Alfa-Bank OJSC) adapted to requirements of Civil Code of the RK. However, trades on these bonds haven't been opened yet and the issuers are only negotiating with investors concerning rice parameters of the initial floatation terms.

Structure of CS turnover at KASE in February is presented in the following form: sales and purchases transaction account for 74.9% of total made deals ($26,715.9 th.), repo transactions - 25.1% ($8,952.5 th.). In the sector of state block of shares sale and primary floatation no deals were made. For comparison, a structure of CS turnover in 2001 was characterized with the following parameters: initial floatation - 9.2# of transactions volume; SBS sector - 12.9%; sale-purchase sector - 40.3%; repo sector - 37.6%.

Following are the tables showing the corporate securities market at the Exchange in February 2002.

Most tradable securities at the KASE in February 2002 (including repo sector)

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                                    Volume of  Volume of   Volume of
                                       deals,     deals,    deals in    Number
Code    Brief title of the issuer     th. USD     m, KZT  securities  of deals
------  --------------------------  ---------  ---------  ----------  --------
KZOLb   NOC Kazakhoil CJSC            7,315.9    1,111.7      71,340         2
TMJLb2  RSE Kazakhstan temir zholy    5,921.7      899.4      61,350        14
KZASb1  DAGOK Kustanaiasbest OJSC     5,396.1      819.9      53,400         2
BTASe1  TuranAlem Finance B.V.        5,154.4      783.5   4,990,000         8
CCBN    Bank CenterCredit OJSC        3,009.1      457.4   2,388,076        12
VTBNb1  VALUT-TRANZIT BANK OJSC       2,130.8      323.9      20,420         8
KZTOe1  KazTransOil CJSC              1,511.0      229.8   1,500,000         4
BTAS    Bank TuranAlem OJSC           1,264.3      192.4      13,972         4
KZTOb   KazTransOil CJSC              1,013.9      154.0       9,880         3
BTASb1  Bank TuranAlem OJSC             604.3       91.9       5,780         2
KZTKb1  Kazakhtelecom                   382.7       58.0       3,703         5
ALKSb2  Almaty Kus OJSC                 370.2       56.1       4,000         1
ASFIb1  Astana-finance OJSC             295.2       44.8       3,000         1
KARMb1  Karazhanbasmunai OJSC           292.7       44.5       2,900         7
RGBRb2  RG BRANDS LLP                   187.2       28.4       1,820         3
NFBN    Neftebank OJSC                  176.0       26.8      20,000         1
KZMSp   Corporation Kazakhmys OJSC      120.0       18.2       1,000         2
SMGZb1  SHAKHARMUNAIGAS OJSC            105.2       16.0       1,063         1
ATFBp   AMB OJSC                         93.0       14.1      13,900         8
KZTK    Kazakhtelecom                    86.5       13.2       5,000         2
ALKZp   Aluminii Kazakhstana OJSC        72.6       11.0     110,359         1
ALKZ    Aluminii Kazakhstana OJSC        72.6       11.0     110,359         1
TEBNb   Temirbank OJSC                   50.1        7.6         500         1
KZEMp   Kazakhoil-Emba OJSC              42.8        6.5      10,645         1
ZHENp   Zhyluenergiya OJSC                0.2        0.0          10         1
------------------------------------------------------------------------------

Comments: The securities were sorted in descending order based on the volumes of deals expressed in U.S. dollars. Small letters in the securities codes have the following meanings: "p" - preferred inscribed share; "b" - bond: "e" - eurobond; the rest - common inscribed share. The figure shows the number of the bond issue. If there is no figure (old code) it implies that it is the first issue.

Dynamics of the corporate securities market indicators in February 2002

---------------------------------------------------------------------------
           Capitaliza-                     Capitaliza-
                  tion                            tion  Bond value
                of the                          of the      index,   Volume
                 share                The         bond   including       of
               market,     Share     KASE      market,       accum   deals,
Date            m, USD     index    index       m, USD    interest  th. USD
---------  -----------  --------  -------  -----------  ----------  -------
Jan 31.02      1,203.2  107.1910  585.576      10.3546    119.4402  6,778.8
Feb 01.02      1,203.1  107.1879  585.576      10.3651    119.4464        0
Feb 04.02      1,203.1  107.1879  585.556      10.3749    119.5085    197.7
Feb 05.02      1,203.3  107.1875  585.556      10.4055    119.4537     13.7
Feb 06.02      1,203.5  107.2072  587.670      10.3767    119.5699  1,226.0
Feb 07.02      1,203.6  107.2072  587.673      10.3696    119.6352    777.8
Feb 08.02      1,209.9  107.2073  587.425      10.3559    119.7036  1,957.2
Feb 11.02      1,209.8  107.2063  587.415      10.4286    119.5454        0
Feb 12.02      1,209.9  107.2068  587.430      10.4248    119.5899     92.4
Feb 13.02      1,209.7  107.2063  587.430      10.4291    119.6094      2.0
Feb 14.02      1,209.7  107.2068  588.030      10.3859    119.7557  1,624.0
Feb 15.02      1,211.5  107.2080  587.904      10.3642    119.7621  1,384.0
Feb 18.02      1,212.0  107.8856  587.907      10.3835    119.8392  2,283.3
Feb 19.02      1,212.0  107.1232  615.775      10.4337    119.5176  8,382.0
Feb 20.02      1,211.6  107.3959  616.470      10.3024    120.3153    760.7
Feb 21.02      1,209.9  109.2252  616.274      10.3379    120.2597    621.2
Feb 22.02      1,209.9  107.3957  621.754      10.1934    120.6283  1,280.4
Feb 25.02      1,209.6  109.8943  621.804      10.2869    120.4481    473.1
Feb 26.02      1,227.0  109.8899  621.665      10.2045    120.9527  2,040.7
Feb 27.02      1,231.1  109.7631  623.092      10.2914    120.5372  1,325.5
Feb 28,02      1,231.8  109.8994  631.284      10.2414    120.7018  2,274.3
---------  -----------  --------  -------  -----------  ----------  -------
Trend            +28.6   +2.7084  +45.708      -0.1132     +1.2616
                 +2.37     +2.53    +7.81        -1.09       +1.06
---------------------------------------------------------------------------

Comments: The shares index (KASE_Shares) reflects the changes in the bids on the shares from the official list of the Exchange's securities of the category "A", including the market capitalization of their issuers. In late December there were 19 shares of 12 issuers in calculation list of KASE for this index. The capitalization of the bond market - indicator that reflects the volume of corporate debt circulating on the KASE as the bonds of the companies. It is calculated on the basis of the number of issued bonds and the bonds admitted to the trades and their market values. In case of the absence of the last figure, face value is used instead. The capitalization of the share market - indicator that reflects the market capitalization of the companies whose shares were entered into official list of the KASE securities. It is calculated on the basis of the number of issued shares and their last market values. In case of the absence of the deals the face values of the securities, expressed in U.S. dollars (if necessary) at the rate of the Exchange for the current day, are used. Index of bonds yields (KASE_BY) - weighted average (through capitalization) yield of the corporate bonds of category "A" of the KASE official list, which is calculated based on the deals or average bids of the market-makers (if there is no deal). Index of bond yields with accumulated interest (KASE_BP) - weighted average (through capitalization) "dirty" price of the corporate bonds of category "A" of the KASE official list, which is calculated based on the deals or average bids of the market-makers (if there is no deal). In late December there were 21 bonds of 19 issuers in calculation list of KASE for KASE_B* series index. Purchase-sale deals include the deals made in state blocks of shares and doesn't take into account repo transactions volume and volume of initial offerings at specialized trades of KASE.