/CORRECTED/ In November of 2003 volume of CS purchase and sale deals at KASE increased 1.9 times to $105.3 m

/IRBIS, December 3, 03, resent in accordance with backdated changing of status of separate deals in KASE's trade system for November 27 and 28, as the result volumes of transactions, on which settlements were made, changed; corresponding news for December 2 is annulled/ - In November of 2003 at Kazakhstan Stock Exchange (KASE) 203 deals were made in corporate securities (CS) in all sectors of the market (excluding repo- transactions sector) for a total of KZT15.5 bn or $105.3 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 $50.8 m (KZT7.4 bn.) or 1.93 times (1.92 times in terms of tenge). Relative to November of 2002 volume of transactions rose by $85.6 m. (KZT12.4 bn.) or 5.4 times (5.1 times in terms of tenge). Structure of CS turnover at KASE in November is presented in the following way: 88.8% of all conducted deals volume ($93,509.6 th.) fell to the stake of purchase and sale sector's transactions, stake of primary floatation transactions was 11.2% ($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 relative to October 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 allows speaking 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 simplest 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. Definite (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 36,513.3 5,363.1 356,410 5 KZIKb2 Kazakhstan Mortgage Company CJSC 11,883.9 1,742.8 1,666,000,000 14 TEBN TEMIRBANK OJSC 6,760.0 995.3 1,025,998 31 VITAb3 VITA OJSC 4,002.5 591.2 6,417,700 5 RGBRb3 RG BRANDS OJSC 3,643.6 534.9 514,760,000 13 TEBNb3 TEMIRBANK OJSC 3,499.0 514.5 25,530 3 VTBN VALUT-TRANZIT BANK OJSC 3,294.1 482.8 1,326,624 19 VTBNp VALUT-TRANZIT BANK OJSC 2,800.1 410.5 1,121,351 9 VTBNb1 VALUT-TRANZIT BANK OJSC 2,132.0 312.9 20,733 9 ASFIb2 Astana-finance OJSC 1,731.1 254.4 2,558,813 12 ALKSb2 Almaty Kus OJSC 1,611.6 237.4 15,660 3 BTAS Bank TuranAlem JSC 1,603.6 234.8 14,219 3 KKGBb2 KAZKOMMERTSBANK OJSC 1,289.9 190.6 1,320 2 KZASb1 DAGOK KustanaiAsbest JSC 1,285.5 188.5 12,450 1 KZMS Corporation Kazakhmys JSC 1,132.5 166.5 33,295 6 KKGBe3 Kazkommerts International B.V. 1,117.9 164.2 1,008,000 3 CCBN Bank CenterCredit OJSC 1,065.0 155.9 757,730 2 UKPFb1 UKBF CJSC 1,043.9 153.1 15,500 1 ORDBb1 Corporation Ordabasy OJSC 899.8 131.8 134,401 2 HSBKb3 Halyk Bank of Kazakhstan OJSC 779.0 114.8 110,000,000 5 KZIKb1 Kazakhstan Mortgage Company CJSC 725.2 106.7 10,000 1 BTASe2 TuranAlem Finance B.V. 705.3 103.4 650,000 1 KZTCb1 KazTransCom OJSC 681.7 100.0 97,323,720 1 UTMK UKTMC OJSC 558.4 81.7 13,300 1 ATFBb2 ATFBank JSC 512.6 75.1 4,950 1 BRKZb1 Development Bank of Kazakhstan JSC 401.0 59.1 58,000 3 KZTOe1 KazTransOil CJSC 377.7 55.8 346,000 2 CHFM Himfarm JSC 330.6 48.4 59,010 1 ARNAb1 ARNA OJSC 268.5 39.4 3,773 4 BTASe1 TuranAlem Finance B.V. 248.9 36.6 230,000 1 SYRGb1 PetroKazakhstan Oil Products JSC 146.0 21.5 1,420 2 ZERD Zerde OJSC 135.1 19.8 9,901,011 2 CSBNb2 BANK CASPIAN JSC 134.1 19.7 1,000 5 TXBNb1 TEXAKABANK OJSC 83.5 12.3 11,100 3 CCBNb2 Bank CenterCredit OJSC 76.2 11.2 720 3 TXBNb2 TEXAKABANK OJSC 21.4 3.1 3,000,000 1 BRKZe1 Development Bank of Kazakhstan JSC 10.5 1.5 10,000 1 ALKSp Almaty Kus OJSC 2.2 0.3 32,864 3 HSBK Halyk Bank of Kazakhstan OJSC 1.9 0.3 2,338 3 CSBN BANK CASPIAN JSC 0.4 0.1 356 1 -------- ---------------------------- --------- --------- ------------- ------ TOTAL 93,509.6 13,736.2 2,471,265,296 188 ------------------------------------------------------------------------------ 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 7.40 148.39 4,348.2 Nov 3, 03 2,273.5 133.5421 2,135.1 7.38 148.58 819.7 Nov 4, 03 2,269.7 133.3541 2,134.4 7.38 148.58 2,652.3 Nov 5, 03 2,275.3 131.6558 2,136.4 7.38 148.59 1,401.3 Nov 6, 03 2,279.1 133.3582 2,188.0 7.38 148.60 1,159.2 Nov 7, 03 2,284.3 133.1411 2,186.3 7.40 148.56 901.1 Nov 10, 03 2,281.0 133.2300 2,186.1 7.42 148.63 1,613.1 Nov 11, 03 2,270.8 133.3575 2,187.3 7.42 148.66 7,830.4 Nov 12, 03 2,272.9 131.7331 2,187.1 7.41 148.70 7,273.8 Nov 13, 03 2,276.4 131.6668 2,188.0 8.11 151.71 14,876.4 Nov 14, 03 2,408.1 133.5290 2,290.3 8.10 151.79 2,028.8 Nov 17, 03 2,292.2 133.3165 2,291.9 8.06 150.84 1.3 Nov 18, 03 2,300.7 132.4440 2,292.8 8.05 151.03 1,373.2 Nov 29, 03 2,309.1 134.5347 2,292.9 7.96 151.13 2,541.9 Nov 20, 03 2,324.3 132.2761 2,293.0 7.92 151.21 4,660.9 Nov 21, 03 2,328.5 134.1878 2,296.9 7.88 151.34 1,993.1 Nov 24, 03 2,322.2 132.3286 2,305.0 7.87 151.74 1,559.8 Nov 25, 03 2,321.3 132.3466 2,315.5 7.76 151.96 2,250.2 Nov 26, 03 2,323.9 132.2943 2,316.0 7.78 151.89 1,749.7 Nov 27, 03 2,328.7 133.9509 2,326.0 7.76 152.09 23,475.3 Nov 28, 03 3,534.9 134.1068 2,322.5 7.78 152.09 25,027.4 ---------- ----------- -------- ----------- ----- ---------- --------- Trend +1,260.5 +0.1122 +187.4 +0.38 +3.69 +55.4% +0.1% +8.8% +5.1% +2.5% ---------------------------------------------------------------------------- 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. [2003-12-03]