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Market and Company News
02.12.2003 00:00

In November of 2003 volume of CS purchase and sale deals at KASE increased 1.86 times to $101.4 m

/IRBIS, December 2, 03/ - In November of 2003 at the Kazakhstan Stock Exchange (KASE) 202 deals were made in corporate securities (CS) in all sectors of the market (excluding repo-transactions sector) for a total of KZT21.1 bn or $101.4 m at current rate of the Exchange effective on the day the deals were made. In comparison with October of 2003 volume of transactions increased by $47.0 m (KZT13.1 bn.) or 1.86 times (2.62 times). Relative to November of 2002 volume of transactions rose by $81.8 m. (KZT18.1 bn.) or 5.2 times (7.0 times in terms of tenge).

Structure of CS turnover at KASE in November is presented in the following way: 88.3% of all conducted deals volume ($89,626.7 th.) fell to the stake of purchase and sale sector's transactions, stake of primary floatation transactions was 11.7% ($11,822.7 th.). No deals were made in SBS sector. For comparison, the structure of stock exchange's CS sector in 2002 was characterized by the following indicators: 5.5% of transactions volume fell to the share of primary floatation; to the share of SBS - 33.1%; to the share of purchase and sale sector - 61.4%.

Judging on results of the month it's possible to say that November of 2003 was notable to stock exchange's CS market. Purchase and sale deals turnover reached the record high level for the whole exchange's history. Increasing of general turnover of the sector was achieved in great degree due to this circumstance, and also due to rather big amount of primary floatations.

Appearance of many new securities at the CS market in October and November is the major reason of its activation. Investors, having satisfied their need in long GS offered by the Ministry of finance in big volumes in September and October switched to corporate bonds. There was no lack in them. Only in November following persons came to KASE with new borrowings: Alliance Bank OJSC (ASBNb2), Astana-finance OJSC (ASFIb3), Development Bank of Kazakhstan JSC (BRKZe2), Bank TuranAlem JSC (BTASb3), Eurasian bank JSC (EUBNb1). Due to it capitalization of corporate bonds market rose within the month by $187.4 m. or by 8.8% that lets say about some "bonded mini boom", which was in Kazakhstan in the fourth quarter of 2003.

Banks' bonds issue in the end of the year (they are mainly subordinate securities) is understandable. This is the most simple way for banks to increase shareholders equity under conditions of severe competition. The same competition, but at housing crediting market, makes non-banking financial institutions (Kazakhstan Mortgage Company CJSC, Astana-finance OJSC) increase mortgage bonds issue volume.

But there is also another factor, whose effect at present makes issuers hurry to pass listing procedure at KASE. According to stock exchange's normative base, KASE accepts documents for listing without reports of the "big four" auditors in accordance with issuer's financial statement for the past year till March 31. That's why the fourth and the first quarters of are characterized by the biggest number of applications for passing listing. New securities are always welcomed by Kazakhstan investors, which did not have a great variety of instruments for their investments.

Thus, primary floatations of bonds, and also secondary redistribution of securities concerned with restructuring of investors' portfolios significantly cheered up Kazakhstan market of corporate debt in November. Some (but not the key one) and positive role in increasing of CS turnover was also played by coming of State accumulative pension fund CJSC (Almaty) to corporate finance market. And prohibition for purchasing of securities at the expense of pension assets of international bonds SPV (as well as obligation to sell bonds, which are in the portfolio, within 6 months) has not impacted upon the market yet. It follows from the table below that volume of transactions in bonds SPV did not have the key role at KASE in November - isolated deals in rather temperate volumes were made in them.

Following are the tables, which show stock exchange's CS market in November of 2003.

Most tradable securities at the KASE in November of 2003 (purchase and sale only, excluding deals in SBS and primary floatation)

-------------------------------------------------------------------------------
 Code                                  Volume of Volume of     Volume of Number
of                                        deals,    deals,      deals in     of
security Brief title of the issuer       th. USD    m, KZT    securities  deals
-------- ----------------------------- --------- --------- ------------- ------
BTASb3   Bank TuranAlem JSC            31,738.11  4,663.04       309,950      4
KZIKb2   Kazakhstan
         Mortgage Company CJSC         11,883.91  1,742.77 1,666,000,000     14
TEBN     TEMIRBANK OJSC                 6,759.99    995.33     1,025,998     31
VITAb3   VITA OJSC                      4,002.51    591.19     6,417,700      5
RGBRb3   RG BRANDS OJSC                 3,643.60    534.87   514,760,000     13
TEBNb3   TEMIRBANK OJSC                 3,499.02    514.50        25,530      3
VTBN     VALUT-TRANZIT                  3,294.15  6,703.28     1,326,624     19
          BANK OJSC
VTBNp    VALUT-TRANZIT                  2,656.83    389.37     1,060,951      8
         BANK OJSC
KKGBe3   Kazkommerts                    2,153.51    316.09     1,928,000      4
          International B.V.
VTBNb1   VALUT-TRANZIT                  2,131.98    312.89        20,733      9
          BANK OJSC
ASFIb2   Astana-finance OJSC            1,731.06    254.39     2,558,813     12
ALKSb2   Almaty Kus OJSC                1,611.62    237.44        15,660      3
BTAS     Bank TuranAlem JSC             1,603.63    234.80        14 219      3
KKGBb2   KAZKOMMERTSBANK OJSC           1,289.94    190.60         1,320      2
KZASb1   DAGOK KustanaiAsbest           1,285.55    188.50        12,450      1
         JSC
KZMS     Corporation Kazakhmys JSC      1,132.53    166.48        33,295      6
CCBN     Bank CenterCredit OJSC         1,065.02    155.93       757,730      2
UKPFb1   UKBF CJSC                      1,043.89    153.07        15,500      1
ORDBb1   Corporation Ordabasy OJSC        899.82    131.80       134,401      2
HSBKb3   Halyk Bank of Kazakhstan OJSC    778.99    114.81   110,000,000      5
KZIKb1   Kazakhstan Mortgage              725.21    106.74        10,000      1
          Company CJSC
BTASe2   TuranAlem Finance B.V.           705.25    103.40       650,000      1
KZTCb1   KazTransCom OJSC                 681.71     99.95    97,323,720      1
UTMK     UKTMC OJSC                       558.37     81.73        13,300      1
ATFBb2   ATFBank JSC                      512.57     75.06         4,950      1
BRKZb1   Development Bank                 400.96     59.08        58,000      3
         of Kazakhstan JSC
KZTOe1   KazTransOil CJSC                 377.73     55.78       346,000      2
CHFM     Himfarm JSC                      330.59     48.39        59,010      1
ARNAb1   ARNA OJSC                        268.48     39.42         3,773      4
BTASe1   TuranAlem Finance B.V.           248.90     36.62       230,000      1
SYRGb1   PetroKazakhstan                  146.00     21.51         1,420      2
          Oil Products JSC
ZERD     Zerde OJSC                       135.07     19.80     9,901,011      2
CSBNb2   BANK CASPIAN JSC                 134.05     19.73         1,000      5
TXBNb1   TEXAKABANK OJSC                   83.46     12.29        11,100      3
CCBNb2   Bank CenterCredit OJSC            76.24     11.24           720      3
TXBNb2   TEXAKABANK OJSC                   21.36      3.13     3,000,000      1
BRKZe1   Development Bank                  10.55      1.55        10,000      1
          of Kazakhstan JSC
ALKSp    Almaty Kus OJSC                    2.23      0.33        32,864      3
HSBK     Halyk Bank o                       1.91      0.28         2,338      3
         f Kazakhstan OJSC
CSBN     BANK CASPIAN JSC                   0.42      0.06           356      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.

Table of main indicators of the stock exchange's CS market in November of 2003

------------------------------------------------------------------------
           Capitaliza-          Capitaliza-
                  tion                 tion         Bond value Volume of
                of the               of the             index,  purchase
                 share                bonds   Bonds  including  and sale
               market,    Share     market,   yield     accum.    deals,
Date            m, USD    index      m, USD   index   interest   th. USD
---------- ----------- -------- ----------- ------- ---------- ---------
Oct 31, 03     2,274.4 133.9945     2,135.1  7.3994   148.3938   4,348.2
Nov 3, 03      2,273.5 133.5421     2,135.1  7.3822   148.5771     819.7
Nov 4, 03      2,269.7 133.3541     2,134.4  7.3830   148.5847   2,652.3
Nov 5, 03      2,275.3 131.6558     2,136.4  7.3842   148.5880   1,401.3
Nov 6, 03      2,279.1 133.3582     2,188.0  7.3837   148.6015   1,159.2
Nov 7, 03      2,284.3 133.1411     2,186.3  7.3964   148.5578     901.1
Nov 10, 03     2,281.0 133.2300     2,186.1  7.4236   148.6275   1,613.1
Nov 11, 03     2,270.8 133.3575     2,187.3  7.4203   148.6576   7,830.4
Nov 12, 03     2,272.9 131.7331     2,187.1  7.4136   148.7049   7,273.8
Nov 13, 03     2,276.4 131.6668     2,188.0  8.1121   151.7134  14,876.4
Nov 14, 03     2,408.1 133.5290     2,290.3  8.0952   151.7927   2,028.8
Nov 17, 03     2,292.2 133.3165     2,291.9  8.0591   150.8365       1.3
Nov 18, 03     2,300.7 132.4440     2,292.8  8.0465   151.0304   1,373.2
Nov 29, 03     2,309.1 134.5347     2,292.9  7.9557   151.1323   2,541.9
Nov 20, 03     2,324.3 132.2761     2,293.0  7.9230   151.2117   4,660.9
Nov 21, 03     2,328.5 134.1878     2,296.9  7.8786   151.3354   1,993.1
Nov 24, 03     2,322.2 132.3286     2,305.0  7.8692   151.7402   1,559.8
Nov 25, 03     2,321.3 132.3466     2,315.5  7.7595   151.9645   2,250.2
Nov 26, 03     2,323.9 132.2943     2,316.0  7.7784   151.8890   1,749.7
Nov 27, 03     2,328.7 133.9509     2,326.0  7.7593   152.0893  18,700.1
Nov 28, 03     3,534.9 134.1068     2,322.5  7.7635   152.0887  26,063.0
---------- ----------- -------- ----------- ------- ---------- ---------
Trend         +1,260.5  +0.1123      +187.4 +0.3641    +3.6949
               +55.42%   +0.08%      +8.78%  +4.92%     +2.49%
------------------------------------------------------------------------

Comments: The shares index (KASE_Shares) reflects the changes in the bids on the shares from the official Exchange's securities list of "A" category, including the market capitalization of their issuers. The capitalization of the bonds 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. Capitalization of the shares 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. Bonds yield index (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 bonds yield 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). Purchase-sale deals volume includes the deals made in state blocks of shares and volume of primary floatations at KASE's specialized trades but it doesn't take into account repo transactions.

[2003-12-02]