GS are stable at sluggish market

/REUTERS, Almaty, Olzhas Auyezov, February 19, 04/ - Quotes of government securities remained unchanged this week against a background of inventors and issuers' poky actions, traders say. "No deals... the market is hardly alive", TuranAlem bank's trader said. "They (investors), to all appearances, invest abroad", trader of a local pension asset management company (PAMC) admitted. Kazakh Finance ministry issued five-year MEOKAM (GS) for KZT2.1 bn (approximately $15 m) with 6.09%APR return, unchanged from last January 5's auction. In either cases demand turned out to be lower than planned issuance volume. Finance ministry promised it would borrow more frequently with new longer-term and indexed on inflation securities to be issued in April already for pension funds, who are major investors at local market. According to traders, the situation is unlikely to change before mentioned securities are offered, though tenge continues to hit fresh highs against dollar. "Those, who wanted to replace (dollar denominated securities by tenge denominated ones), had done it already, while those, who had not, will not do so", TuranAlem's trader concluded. ($1=KZT138.86) [2004-02-19]