Repo at KASE - KZT14,409.9m

/IRBIS, Mar 04, 02/ - On March 04, at Kazakhstan Stock Exchange (KASE) 88 deals were made in the repo sector (including automatic repo sector) amounting to KZT14,409.9m. Results of trades are given in the following table. Repo opening transactions, which are made only through counter- trade method, are marked with asterisk. -------------------------------------------------------------------------- Repo rate, % APR -------------------------------- Type of Calendar weighted average Volume repo terms, ------------------ of deals, Number deals days Min max nominal effective KZT m of deals --------- -------- ----- ----- ------- --------- --------- -------- Open 1 4.99 5.00 5.00 5.13 3,233.5 21 Open* 2 5.10 5.20 5.16 5.29 350.0 2 Open* 3 5.50 6.00 5.65 5.81 285.0 3 Open* 7 5.00 5.00 5.00 5.12 500.0 1 Open 11 8.20 8.20 8.20 8.54 170.0 1 Open* 14 6.30 6.30 6.30 6.49 300.0 1 Open* 28 6.50 7.00 6.83 7.05 1,495.0 9 --------- -------- ----- ----- ------- --------- --------- -------- Subtotal: 6,333.5 38 --------- -------- ----- ----- ------- --------- --------- -------- Close 3 3.00 5.00 4.68 4.79 5,912.8 28 Close 4 5.00 5.00 5.00 5.13 1,195.7 9 Close 5 5.30 5.30 5.30 5.44 150.1 1 Close 6 6.00 6.00 6.00 6.18 150.3 1 Close 7 6.00 6.00 6.00 6.18 40.0 1 Close 14 7.00 7.00 7.00 7.24 150.4 3 Close 17 6.25 6.25 6.25 6.44 100.3 2 Close 28 7.00 7.00 7.00 7.23 301.6 3 Close 73 10.07 10.07 10.07 10.49 72.1 1 Close 173 10.29 10.29 10.29 10.56 3.1 1 --------- -------- ----- ----- ------- --------- --------- -------- Subtotal: 8,076.4 50 --------- -------- ----- ----- ------- --------- --------- -------- TOTAL: 14,409.9 88 -------------------------------------------------------------------------- By counter trade method (in automatic repo sector) a volume of 74 deals has amounted to KZT11,342.2m, including 34 (KZT5,925.0m) repo opening deals and 40 (KZT5,399.2m) repo closing deals. Indicator TONIA according to trades' results has been fixed at the level of 5.00% APR and rose by 0.26 relative to previous trade day. Positions of major categories of participants in the market looked in the following way (based on net positions of opening transactions relative to previous day). Pension market subjects increased a position in counter repo by 56%: from KZT4,050.0 on Friday to KZT4,825.0m today. At that 10 participants were lending money, on Friday - 8. Second tier banks (STB) worked for borrowing (5 banks; KZT3,843.0m) as well as for lending (2 banks; KZT1,388.5m). Their resulting position was almost zero in a direct repo sector (+KZT125.56) and positive (borrowing) - in automatic repo sector (+KZT2,505.0m). Resulting position of STB in the exchange market of repo is estimated by IRBIS at +KZT2,505.0m and relative to previous working day has risen by KZT1,889.5m or 307.0% (banks in general have borrowed based on net more amount of money than on Friday). The National Bank position in automatic repo sector was positive (it was attracting money, sterilizing the market) and increased relative to previous trade day by 198%. It should be added that the National Bank has only sterilized the market. In general, there is still no enough free money in the market. Insignificant growth of repo rates on some terms of borrowing, according to IRBIS analysts, reflects an increase of devaluation expectations and also problems with short-term liquidity of two banks, which today borrowed more than1 billion each. However, it's not excluded that banks were attracting money for other purposes (for instance, to open long positions on dollar).