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Market and Company News
07.05.2004 20:27

In April of 2004 volume of CS purchase and sale deals at KASE fell by 34.0% to $62.6 m

/IRBIS, Assel Omarova, Andrey Tsalyuk, May 7, 04/ - In April of 2004 at the Kazakhstan Stock Exchange (KASE) 309 deals were made in corporate securities (CS) in all sectors of the market (excluding repo-transactions sector) for a total of KZT8,651.0 m. or $62.6 m. at current rate of KASE effective on the day the deals were made. The stated sum takes only 1.6% out of the total exchange turnover.

In comparison with March of 2004 volume of transactions decreased by $32.3 m. (KZT4.5 bn.) or 34.0% percent (by 34.4% times in terms of tenge). Relative to April of 2003 volume of transactions fell by $20.1 m. (KZT3.9 bn.) or by 24.3% (31.2% in terms of tenge).

Structure of CS turnover at KASE in April is presented in the following way: 8.4% ($5,250.8 th) of conducted deals took initial public offerings and 91.6% ($57,351.4 th) fell on secondary market. No deals involving state stakes of shares were made. By comparison, following indicators characterized the structure of stock exchange's CS sector in March 2004: Primary market - 14.3% ($13,524.0 th); Secondary market - 85.7% ($81,375.7).

It looks like CS sector experienced some bad times during the month. Given volume is the lowest figure for 2004.

As it was mentioned in the last review, March market growth was subjective due to significant primary offerings (fourth emission bonds of Kazakhstan Mortgage Company CJSC).that in turn affected secondary market. End- quarter period and local activity over shares of Bayan-Sulu also contributed to the situation.

There were no such events in April. Primary market volume was insignificant. No end-quarter rush and local deals with high volumes were presented. High investments of pension assets into foreign issued securities created excessive supply of domestic bonds. This defined fall of quotations and yield growth beginning from first decade of April. Besides, in April Financial Markets Supervision Agency enacted new rules for deals concluded with a purpose to manipulate over prices. IRBIS experts consider that introduction of new rules forced market participants to conduct "non- market" operations more cautiously. This is surely affected volume of deals. High dollar rate volatility also contributed to low CS market.

Following are the tables, which show stock exchange's CS market in April, 2004.

Most tradable securities at KASE in April of 2004 (purchase and sale only, excluding deals in SBS and primary floatations)

------------------------------------------------------------------------------
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
-------- ---------------------------- --------- --------- ------------- ------
BRKZb1   Development Bank of            9,353.8   1,289.6     1,350,000      4
         Kazakhstan JSC
ASBNb1   Alliance Bank OJSC             8,771.7   1,212.0 1,357,650,000      6
VTBNp    VALUT-TRANZIT BANK OJSC        4,600.8     636.6     1,988,482     27
CCBN     Bank CenterCredit OJSC         3,490.0     483.3     2,358,760     16
KZIKb2   Kazakhstan Mortgage
         Company CJSC                   3,444.9     478.6   451,700,000      4
VTBN     VALUT-TRANZIT BANK OJSC        3,367.4     465.9     1,399,535     16
TXBNb2   TEXAKABANK OJSC                2,345.0     324.1   314,590,000     11
YASYb1   YASSY OJSC                     1,919.7     265.1        27,043      1
RGBRb3   RG BRANDS OJSC                 1,853.8     255.8   251,500,000      7
ORDB     Corporation Ordabasy JSC       1,836.4     254.1       107,931     29
EUBNb1   Eurasian bank JSC              1,815.8     250.6   253,400,000      3
ORDBb1   Corporation Ordabasy JSC       1,650.9     227.6       253,670      1
HRLT     Charaltyn JSC                  1,448.1     200.0    57,143,000      1
INCAb1   Intergas Central Asia CJSC
                                        1,400.9     193.1     2,017,000      2
KZTOe1   KazTransOiL CJSC               1,302.3     180.4     1,180,000      1
TEBN     Temirbank JSC                    933.0     128.8       123,318     19
CSBNb2   BANK CASPIAN JSC                 864.6     119.5         5,690      4
UKPFb1   UST-KAMENOGORSK
         POULTRY FARM OJSC                744.6     102.6         9,100      2
ASFI     Astana-finance OJSC              640.9      88.2       126,000      4
ALKSp    Almaty Kus OJSC                  625.5      86.4     7,209,750     18
ASFIb2   Astana-finance OJSC              611.1      84.5       843,383      8
ALKS     Almaty Kus OJSC                  572.0      78.9     7,386,833     10
ZERD     ZERDE OJSC                       571.2      78.8    58,030,043     23
CCBNb2   Bank CenterCredit JSC            531.0      73.4         4,703      3
BTAIb1   BTA Mortgage JSC                 382.4      53.0         5,300      1
KZMS     Corporation Kazakhmys JSC        377.7      52.3        14,963      9
KZIKb4   Kazakhstan Mortgage
         Company CJSC                     376.7      51.9    52,000,000      2
ASFIb3   Astana-finance OJSC              248.4      34.3       357,000      2
UKPF     UST-KAMENOGORSK
         POULTRY FARM OJSC                206.2      28.5         1,193      1
HSBKb3   Halyk savings bank of
         Kazakhstan JSC                   166.8      23.0    21,800,000      4
ARNAb1   ARNA OJSC                        148.4      20.5         1,948      3
PKKRe1   PetroKazakhstan Finance B.V.     114.4      15.8       100,000      1
VTBNb1   VALUT-TRANZIT BANK OJSC          108.8      15.1         1,150      1
BTASe1   TuranAlem Finance B.V.           105.2      14.5       100,000      2
ALKZp    Aluminum of Kazakhstan JSC        96.1      13.2        89,784      8
KARMb2   Karazhanbasmunai OJSC             73.0      10.1        10,000      1
BTASb2   Bank TuranAlem JSC                49.9       6.9           500      1
CCBNb3   Bank CenterCredit JSC             33.4       4.6     3,700,000      2
CSBNb3   BANK CASPIAN JSC                  28.6       4.0           190      2
KZTCb1   KazTransCom OJSC                  25.1       3.5     3,400,000      1
NRBNb2   NURBANK OJSC                      23.9       3.3           200      2
KKGBe2   Kazkommertsbank JSC               22.4       3.1        20,000      1
KZIKb1   Kazakhstan Mortgage
         Company CJSC                      12.9       1.8           170      1
ASBNb2   Alliance bank JSC                 12.8       1.8     1,700,000      1
KZTKp    Kazakhtelecom JSC                 11.5       1.6           748      5
KKGBb2   Kazkommertsbank JSC               10.2       1.4            10      1
VTZLb1   Valut Tranzit Zoloto JSC           7.3       1.0       920,000      1
ALKSb2   Almaty Kus OJSC                    5.9       0.8            60      3
HSBKb    Halyk savings bank of
         Kazakhstan  JSC                    2.8       0.4            26      1
AMGZp    CNPC Aktobemunaigas OJSC           2.5       0.3           500      2
UTMKp    Ust-Kamenogorsk titanium-
         magnesium combine JSC              1.5       0.2           105      5
KZCRp    TNC Kazchrome OJSC                 0.9       0.1           266      8
RAHT     Rakhat OJSC                        0.5       0.1           900      2
HSBK     Halyk Savings Bank
         of Kazakhstan JSC                  0.1      0.01            80      1
KKGBp    Kazkommertsbank JSC              0.001    0.0001             1      1
-------- ---------------------------- --------- --------- ------------- ------
TOTAL    49                            57,351.4   7,924.9 2,854,629,335    296
------------------------------------------------------------------------------

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 April of 2004

---------------------------------------------------------------------------
          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
--------  -----------  --------  -----------  ------  ----------  ---------
31.03.04      2,823.9  176.1922      2,771.3    7.22      160.47   10,604.2
01.04.04      2,820.0  177.5718      2,772.7    7.32      159.96    6,660.2
02.04.04      2,961.1  182.0582      2,773.0    7.32      159.93    2,289.2
05.04.04      2,960.9  181.7832      2,774.4    7.24      160.41      320.6
06.04.04      2,968.9  182.6172      2,796.4    7.17      160.88      282.6
07.04.04      2,785.5  173.1190      2,796.9    7.34      159.95    3,670.3
08.04.04      2,965.9  185.0094      2,797.8    7.43      159.43        3.6
09.04.04      2,970.5  184.0264      2,798.4    7.40      159.52    6,035.3
12.04.04      2,978.4  185.2727      2,799.5    7.42      159.48    5,984.9
13.04.04      2,978.9  184.0680      2,803.6    7.42      159.47       50.8
14.04.04      2,977.6  182.7261      2,810.2    7.50      159.10    3,013.1
15.04.04      3,044.2  188.3237      2,811.0    7.47      159.29       29.0
16.04.04      3,047.1  188.2795      2,812.0    7.51      160.46    1,385.4
19.04.04      3,043.9  188.7526      2,812.0    7.63      158.67    1,312.8
20.04.04      3,051.4  189.3070      2,812.1    7.60      158.93    2,935.3
21.04.04      3,051.9  188.7641      2,810.8    7.66      158.54    5,193.4
22.04.04      3,045.0  186.3139      2,809.1    7.64      158.70    8,531.5
23.04.04      3,041.7  185.6814      2,807.2    7.71      158.25    2,328.3
26.04.04      3,037.1  186.7961      2,807.4    7.73      158.25    2,501.3
27.04.04      3,033.1  186.7281      2,805.7    7.74      158.22    2,517.9
28.04.04      3,035.5  186.7135      2,805.4    7.74      158.20    1,179.7
29.04.04      3,036.1  186.5350      2,804.4    7.81      157.95    4,541.8
30.04.04      3,044.3  186.7269      2,807.4    7.94      157.23    1,835.2
--------  -----------  --------  -----------  ------  ----------  ---------
Тренд          +220.4  +10.5347        +36.1   +0.72       -3.24          ,
                +7.8%     +6.0%        +1.3%  +10.0%       -2.0%          ,
---------------------------------------------------------------------------

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.

[2004-05-07]