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) ------------------------------------------------------------------------------ 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.