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Market and Company News
In March of 2004 volume of deals in KASE's repo sector increased by 0.9% to KZT359.6 bn
/IRBIS, Assel Omarova, Andrey Tsalyuk, April 2, 04/ - In March of 2004 at Kazakhstan stock exchange (KASE) in repo-transactions sector there were registered 2,501 deals to the total amount of KZT359.6 bn. or USD2,586.8 m. at the current rate on deals making date, that is 72.4% of the whole March's turnover.
In comparison with February of 2004 volume of transactions increased by KZT3,242.1 m. ($26.4 m.) or by 0.9% (by 1.0% in dollar terms). Relative to March of 2003 volume of transactions increased by KZT159.0 bn. ($1,262.9 m.) or by 79.3% (by 95.4% in dollar terms).
Structure of repo market's turnover at KASE in March, which was calculated in tenge equivalent, was as follows:
- the stake of automatic repo transactions was 91.9% of the sector's turnover (KZT330.5 bn.), including deals in Government securities (GS) - 91.5% (KZT329.0 bn.), deals in corporate securities (CS) - 0.4% (KZT1,512.8 m.);
- the stake of repo transactions made by direct deals method, was 8.1% of the sector's turnover (KZT29.1 bn.), including deals in GS - 6.9% (KZT24.8 bn.), deals in CS - 1.2% (KZT4,285.9 m.).
For comparison, structure of stock exchange's repo market in 2003 was characterized by the following indexes: autorepo - 85.8% (GS - 85.2%; CS - 0.6%); repo by direct method - 14.2% (GS - 12.8%; CS - 1.4%).
Below are tables, which characterize KASE's repo sector in March of 2004 on opening transactions in tenge.
Automatic repo in GS - 91.5% of the market
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Repo rate, % APR
Instrument ------------------------------------- Volume, Num- Stake of
(currency, on first mini- maxi- on last weighted m ber of market,
term, days) deal mum mum deal average KZT deals %
----------- -------- ----- ----- ------- -------- --------- ------ --------
KZT_001 3.00 0.30 5.00 0.75 1.90 153,303.9 922 92.0
KZT_002 1.00 1.00 3.50 2.50 2.24 2,295.0 13 1.4
KZT_003 2.80 2.50 4.00 4.00 2.98 706.0 7 0.4
KZT_007 4.00 2.80 4.00 3.00 3.34 2,541.0 41 1.5
KZT_014 4.10 3.20 4.20 3.20 3.53 2,830.0 39 1.7
KZT_028 4.50 3.60 5.00 4.00 3.94 4,999.0 54 3.0
----------- -------- ----- ----- ------- -------- --------- ------ --------
TOTAL 166,674.9 1,076 100
---------------------------------------------------------------------------
Automatic repo in CS - 0.4% of the market
-------------------------------------------------------------------------
Repo rate, % APR
Instrument ------------------------------------- Volume, Num- Stake of
(security, on first mini- maxi- on last weighted m ber of market,
term, days) deal mum mum deal average KZT deals %
----------- -------- ----- ----- ------- -------- ------- ------ --------
ALKS_028 7.00 6.40 7.00 6.40 6.77 34.0 2 3.8
ASFIb2_030 7.50 7.50 38.0 1 4.2
CCBN_001 4.30 4.30 24.0 1 2.7
CCBN_007 5.20 5.20 5.50 5.20 5.33 196.0 3 21.8
CCBN_014 6.50 6.50 84.0 1 9.4
CCBN_030 8.00 8.00 10.0 1 1.1
HSBKb_028 7.00 7.00 25.0 1 2.8
NRBNb2_028 8.25 8.25 153.0 1 17.0
ORDB_028 8.10 6.40 8.10 6.40 8.03 75.0 3 8.4
ORDBb1_014 5.70 5.70 10.0 1 1.1
ORDBb1_028 6.60 6.60 17.0 1 1.9
RGBRb3_007 5.50 5.50 85.0 1 9.5
TEBN_030 12.00 12.00 12.00 12.00 12.00 100.0 2 11.1
VTBNb1_014 7.00 7.00 23.0 1 2.6
VTBNp_028 7.70 7.70 24.0 1 2.7
----------- -------- ----- ----- ------- -------- ------- ------ --------
TOTAL 898.0 21 100.0
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Repo on direct deals in GS - 6.9% of the market
-----------------------------------------------------------------------------
Repo rate, % APR
Term of ----------------------------------------- Volume, Num- Stake of
repo, on first mini- maxi- on last weighted m ber of market,
days deal mum mum deal average KZT deals %
------- -------- ----- ----- ------- -------- ------- ------ --------
1 1.23 0.48 3.01 0.80 1.36 5 441.5 52 59.8
3 1.00 0.60 1.00 0.70 0.78 584.7 6 6.4
4 1.00 0.80 3.30 3.00 1.48 644.6 8 7.1
5 5.10 1.50 5.10 1.50 4.50 169.0 4 1.9
7 3.50 3.20 3.50 3.20 3.33 589.0 5 6.5
8 3.25 3.10 3.25 3.10 3.15 296.0 2 3.3
9 3.50 3.50 97.0 1 1.1
13 4.00 4.00 70.0 1 0.8
14 3.55 3.50 3.80 3.50 3.59 849.6 6 9.3
18 3.50 3.50 35.0 1 0.4
30 5.00 4.50 5.00 4.50 4.85 126.4 8 1.4
85 5.10 5.10 5.10 5.10 5.10 141.6 3 1.6
92 5.50 5.50 5.50 5.50 5.50 60.2 3 0.7
------- -------- ----- ----- ------- -------- ------- ------ --------
TOTAL 9,104.7 100 100.0
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Repo on direct deals in CS - 1.2% of the market
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Repo rate, % APR
Subject Term of ------------------------------- Volume, Num- Stake of
of repo, mini- maxi- on last weighted m ber of market,
repo days mum mum deal average KZT deals %
-------- ------- ----- ----- ------- -------- ------- ------ --------
ALKS *1 0.00 0.00 0.00 0.00 93.1 1 2.86
30 4.87 7.30 4.87 7.16 106.3 3 3.26
57 9.13 9.13 21.0 1 0.65
-------- ------- ----- ----- ------- -------- ------- ------ --------
Subtotal 220.5 5 6.76
-------- ------- ----- ----- ------- -------- ------- ------ --------
ASFIb2 1 3.32 3.32 7.7 1 0.24
4 3.26 3.26 8.0 1 0.24
7 4.90 4.90 4.90 4.90 69.8 3 2.14
-------- ------- ----- ----- ------- -------- ------- ------ --------
Subtotal 85.4 5 2.62
-------- ------- ----- ----- ------- -------- ------- ------ --------
BTASb1 31 15.00 15.00 0.4 1 0.01
-------- ------- ----- ----- ------- -------- ------- ------ --------
BTASb2 31 15.00 15.00 1.0 1 0.03
-------- ------- ----- ----- ------- -------- ------- ------ --------
CCBN 3 3.04 3.56 3.56 3.49 8.0 2 0.25
4 3.12 3.12 65.3 1 2.00
27 10.00 10.00 32.0 1 0.98
29 10.01 10.01 37.0 1 1.13
30 9.05 10.04 10.04 9.48 51.4 3 1.58
365 11.00 11.00 4.0 1 0.12
-------- ------- ----- ----- ------- -------- ------- ------ --------
Subtotal 197.7 9 6.06
-------- ------- ----- ----- ------- -------- ------- ------ --------
HSBK 4 3.04 3.32 3.32 3.17 6.9 2 0.21
7 3.32 3.32 3.3 1 0.10
-------- ------- ----- ----- ------- -------- ------- ------ --------
Subtotal 10.2 3 0.31
-------- ------- ----- ----- ------- -------- ------- ------ --------
KZMS 92 8.00 10.50 8.00 9.79 34.4 9 1.05
-------- ------- ----- ----- ------- -------- ------- ------ --------
KZNHb1 32 14.00 14.00 30.0 1 0.92
-------- ------- ----- ----- ------- -------- ------- ------ --------
KZTKp 31 15.00 15.00 4.1 1 0.13
-------- ------- ----- ----- ------- -------- ------- ------ --------
NFBN 32 11.00 11.00 20.0 1 0.61
-------- ------- ----- ----- ------- -------- ------- ------ --------
ORDB 12 11.00 11.00 152.3 1 4.67
365 8.02 8.02 500.0 1 15.33
731 9.00 9.00 9.00 9.00 255.0 2 7.82
-------- ------- ----- ----- ------- -------- ------- ------ --------
Subtotal 907.3 4 27.82
-------- ------- ----- ----- ------- -------- ------- ------ --------
RGBRb3 3 3.65 3.65 72.0 1 2.21
12 9.91 9.91 152.3 1 4.67
-------- ------- ----- ----- ------- -------- ------- ------ --------
Subtotal 224.3 2 6.88
-------- ------- ----- ----- ------- -------- ------- ------ --------
TEBN 30 8.01 8.01 10.0 1 0.31
31 10.00 10.00 2.0 1 0.06
-------- ------- ----- ----- ------- -------- ------- ------ --------
Subtotal 12.0 2 0.37
-------- ------- ----- ----- ------- -------- ------- ------ --------
TXBNb1 31 12.00 12.00 3.0 1 0.09
-------- ------- ----- ----- ------- -------- ------- ------ --------
TXBNb2 3 3.56 3.56 90.3 1 2.77
-------- ------- ----- ----- ------- -------- ------- ------ --------
VITAb3 31 13.00 13.00 40.0 1 1.23
32 11.00 11.00 15.3 1 0.47
-------- ------- ----- ----- ------- -------- ------- ------ --------
Subtotal 55.3 2 1.70
-------- ------- ----- ----- ------- -------- ------- ------ --------
VTBN 31 7.98 7.98 10.0 1 0.31
731 9.00 9.00 9.00 9.00 202.5 2 6.21
-------- ------- ----- ----- ------- -------- ------- ------ --------
Subtotal 212.5 3 6.52
-------- ------- ----- ----- ------- -------- ------- ------ --------
VTBNb1 7 4.00 4.00 48.0 1 1.47
27 8.00 8.00 6.0 1 0.18
30 8.00 8.50 8.50 8.29 70.0 2 2.15
31 8.50 8.50 98.0 1 3.00
32 8.50 8.50 12.0 1 0.37
-------- ------- ----- ----- ------- -------- ------- ------ --------
Subtotal 234.0 6 7.17
-------- ------- ----- ----- ------- -------- ------- ------ --------
VTBNp 1 4.42 4.42 4.42 4.42 80.5 2 2.47
20 8.98 8.98 9.5 1 0.29
31 9.02 9.02 9.5 1 0.29
63 12.99 12.99 100.0 1 3.07
548 10.50 10.50 200.0 1 6.13
-------- ------- ----- ----- ------- -------- ------- ------ --------
Subtotal 399.5 6 12.25
-------- ------- ----- ----- ------- -------- ------- ------ --------
VTSKb2 364 7.50 7.50 1.0 1 0.03
-------- ------- ----- ----- ------- -------- ------- ------ --------
VTTHb1 364 7.51 7.51 1.0 1 0.03
-------- ------- ----- ----- ------- -------- ------- ------ --------
VTZLb1 364 7.50 7.50 10.2 1 0.31
-------- ------- ----- ----- ------- -------- ------- ------ --------
ZERD 20 5.47 5.47 4.8 1 0.15
27 5.41 5.41 1.5 1 0.05
30 4.87 4.87 0.9 1 0.03
365 8.27 8.27 500.0 1 15.33
-------- ------- ----- ----- ------- -------- ------- ------ --------
Subtotal 507.2 4 15.55
-------- ------- ----- ----- ------- -------- ------- ------ --------
TOTAL 3,261.4 70 100.00
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Stake of stock exchange's turnover in total volume of repo deals of Kazakhstan secondary market in March of 2004 equaled to 99.5%, in February of 2004 - 96.8%.
The sector followed the same path as in February. The only thing notable is automatic overnight repo becoming more popular. Share of the deals went up by some percentage. The attenetion should be drawn to low rates on daily repos. Regardless annual tax payments in March, banks did not encounter shortage of KZT, and therefore, it led to decline of cost of shortest funds.
[2004-04-02]