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]