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Market and Company News
In May of 2004 volume of deals in KASE's repo sector down by 2.9% to KZT398.5 bn
/IRBIS, Ranida Gabdeyeva, Andrey Tsalyuk, June 2, 04/ - In May of 2004 at Kazakhstan stock exchange (KASE) in repo-transactions sector there were registered 2995 deals to the total amount of KZT398.5 bn. or USD2,906.8 m. at the current rate on deals making date, that is 71.4% of the whole April's turnover.
In comparison with April of 2004 volume of transactions fell by KZT11,945.5 m. ($63.7 m.) or by 2.9% (by 2.1% in dollar terms). Relative to May of 2003 volume of transactions increased by KZT169.3 bn. ($1,388.5 m.) or by 73.8% (by 91.5% in dollar terms).
Structure of repo market's turnover at KASE in May, which was calculated in tenge equivalent, was as follows:
- the stake of automatic repo transactions was 91.1% of the sector's turnover (KZT365.5 bn.), including deals in Government securities (GS) - 90.2% (KZT359.4 bn.), deals in corporate securities (CS) - 1.5% (KZT6,046.1 m.);
- the stake of repo transactions made by direct deals method, was 8.3% of the sector's turnover (KZT33.0 bn.), including deals in GS - 6.0% (KZT23.9 bn.), deals in CS - 2.3% (KZT9,081.1 m.).
For comparison, structure of stock exchange's repo market in April of 2004 was characterized by the following indexes: autorepo - 91.1% (GS - 90.2%;
CS - 0.9%); repo by direct method - 8.9% (GS - 6.9%; CS - 2.0%).
Below are tables, which characterize KASE's repo sector in May of 2004 on opening transactions in tenge.
Automatic repo in GS - 90.2% 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 0.10 16.00 0.10 2.85 157,634.2 1,014 87.9
KZT_002 2.00 1.00 13.00 3.00 4.55 2,431.0 27 1.4
KZT_003 3.00 2.00 7.50 2.80 3.44 2,292.0 25 1.3
KZT_007 3.80 2.00 7.75 2.85 3.59 8,019.0 93 4.5
KZT_014 3.50 3.00 7.40 3.00 4.02 5,636.0 71 3.1
KZT_028 3.60 3.45 7.00 3.60 3.97 3,389.0 35 1.9
----------- -------- ----- ----- ------- -------- --------- ------ --------
TOTAL 179,401.3 1,265 100
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Automatic repo in CS - 1.5% of the market
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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_001 5.00 5.00 35.0 1 1.0
ALKS_028 9.00 6.40 9.00 7.20 7.77 56.0 4 1.6
ALKS_003 8.00 8.00 8.00 8.00 8.00 172.0 3 5.0
ALKSp_028 9.00 9.00 9.00 9.00 9.00 32.0 2 0.9
ASFIb2_007 5.30 5.20 5.50 5.50 5.37 150.0 4 4.4
ATFBb2_003 5.20 5.20 54.0 1 1.6
BTASb2_014 6.00 6.00 127.0 1 3.7
CCBN_030 8.00 6.00 10.00 8.50 8.73 95.0 5 2.8
CCBNb3_028 8.50 8.50 8.50 8.50 8.50 239.0 2 7.0
HRLT_007 5.00 5.00 94.0 1 2.7
HSBKb_028 9.00 9.00 22.0 1 0.6
KZIKb1_001 10.00 10.00 10.00 10.00 10.00 60.0 2 1.8
KZIKb1_007 5.30 5.30 5.50 5.50 5.32 180.0 4 5.3
KZIKb1_014 6.00 6.00 50.0 1 1.5
KZTCb1_028 7.50 6.50 7.50 7.50 7.31 500.0 8 14.6
NRBNb2_028 8.25 8.25 147.0 1 4.3
ORDB_028 9.00 8.00 9.00 8.00 8.15 330.0 5 9.6
ORDBb1_028 6.60 6.50 6.60 6.50 6.56 30.0 2 0.9
ORDBp_007 5.20 5.20 20.0 1 0.6
ORDBp_014 8.00 8.00 194.0 1 5.7
RGBRb3_028 8.50 8.50 8.50 8.50 8.50 200.0 2 5.8
TEBN_030 7.80 7.80 12.00 12.00 9.33 137.0 2 4.0
TXBNb2_001 5.00 5.00 50.0 1 1.5
TXBNb2_007 5.30 5.30 5.50 5.50 5.37 150.0 3 4.4
TXBNb2_014 6.00 6.00 50.0 1 1.5
VTBNb1_007 5.30 5.30 20.0 1 0.6
VTBNb1_028 10.00 10.00 70.0 1 2.0
VTBNp_007 5.30 5.30 20.0 1 0.6
VTBNp_028 9.00 6.00 10.00 6.00 8.90 139.0 4 4.1
----------- -------- ----- ----- ------- -------- ------- ------ --------
TOTAL 3,423.1 66 100.0
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Repo on direct deals in GS - 6.0% 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 1.24 1.00 8.00 1.00 1.48 6,107.5 25 43.4
2 4.80 2.99 7.99 2.99 5.17 395.7 3 2.8
3 0.50 0.50 5.00 1.99 4.18 2,813.2 12 20.0
4 0.80 0.60 7.50 1.00 1.14 510.5 5 3.6
5 7.20 7.20 7.20 7.20 7.20 15.0 1 0.1
6 2.50 2.50 2.50 2.50 2.50 79.4 1 0.6
7 3.00 3.00 3.50 3.50 3.36 919.2 11 6.5
8 3.00 3.00 3.40 3.10 3.27 318.6 5 2.3
12 3.20 3.20 4.90 3.80 3.60 683.5 8 4.9
14 3.50 3.30 6.50 6.50 4.32 925.8 10 6.6
16 3.60 3.60 6.00 6.00 5.36 374.6 2 2.7
20 3.00 3.00 3.00 3.00 3.00 55.2 1 0.4
21 4.30 4.30 5.00 5.00 4.87 549.5 6 3.9
25 5.00 5.00 5.00 5.00 5.00 81.4 6 0.6
27 4.80 4.80 4.80 4.80 4.80 76.7 2 0.5
30 4.25 4.25 4.25 4.25 4.25 67.4 1 0.5
32 5.50 5.50 5.50 5.50 5.50 95.2 1 0.7
------- -------- ----- ----- ------- -------- -------- ------ --------
TOTAL 14,068.4 100 100.0
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Repo on direct deals in CS - 2.3% 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 25 6.81 6.81 6.81 6.81 82.0 3 1.64
31 7.06 8.57 8.57 7.92 53.0 2 1.06
------- ------- ----- ----- ------- -------- ------- ------ --------
Total 135.0 5 2.70
------- ------- ----- ----- ------- -------- ------- ------ --------
ALKSp 31 8.83 8.83 8.83 8.83 30.0 1 0.60
------- ------- ----- ----- ------- -------- ------- ------ --------
ASFIb2 168 8.00 10.00 8.00 8.99 86.4 2 1.73
------- ------- ----- ----- ------- -------- ------- ------ --------
ATFBb2 5 4.10 4.10 4.10 4.10 69.2 1 1.39
------- ------- ----- ----- ------- -------- ------- ------ --------
BHCK 62 14.00 14.00 14.00 14.00 7.0 1 0.14
------- ------- ----- ----- ------- -------- ------- ------ --------
BRKZb1 5 4.09 8.00 8.00 6.10 39.0 2 0.78
------- ------- ----- ----- ------- -------- ------- ------ --------
CCBN 1 3.56 3.56 3.56 3.56 79.3 1 1.59
6 8.04 8.04 8.04 8.04 13.3 1 0.27
27 10.00 10.00 10.00 10.00 76.7 1 1.54
30 9.00 10.04 10.04 9.07 32.0 2 0.64
90 10.02 10.02 10.02 10.02 200.0 1 4.01
91 10.01 10.01 10.01 10.01 50.0 1 1.00
92 10.02 10.02 10.02 10.02 15.5 1 0.31
------- ------- ----- ----- ------- -------- ------- ------ --------
Total 466.8 8 9.35
------- ------- ----- ----- ------- -------- ------- ------ --------
HSBKb 31 8.00 8.00 8.00 8.00 23.1 1 0.46
------- ------- ----- ----- ------- -------- ------- ------ --------
KZIKb1 31 13.00 13.00 13.00 13.00 2.5 2 0.05
------- ------- ----- ----- ------- -------- ------- ------ --------
KZNHb1 30 14.00 14.00 14.00 14.00 30.0 1 0.60
------- ------- ----- ----- ------- -------- ------- ------ --------
KZTCb1 24 7.92 8.00 8.00 7.95 32.0 2 0.64
28 7.04 7.04 7.04 7.04 200.0 3 4.01
------- ------- ----- ----- ------- -------- ------- ------ --------
Total 232.0 5 4.65
------- ------- ----- ----- ------- -------- ------- ------ --------
KZTKp 76 10.09 10.09 10.09 10.09 1.5 1 0.03
------- ------- ----- ----- ------- -------- ------- ------ --------
KZTOe1 38 7.00 7.00 7.00 7.00 44.0 1 0.88
------- ------- ----- ----- ------- -------- ------- ------ --------
MMGZp 30 8.01 8.01 8.01 8.01 10.0 1 0.20
------- ------- ----- ----- ------- -------- ------- ------ --------
MREKb1 5 5.89 6.55 6.55 6.04 193.0 2 3.87
------- ------- ----- ----- ------- -------- ------- ------ --------
ORDB 1 10.04 10.04 10.04 10.04 442.1 2 8.85
5 8.50 8.50 8.50 8.50 20.0 1 0.40
7 7.51 7.51 7.51 7.51 18.0 1 0.36
19 8.50 8.50 8.50 8.50 20.0 1 0.40
184 8.00 8.00 8.00 8.00 181.5 3 3.63
365 8.00 8.00 8.00 8.00 187.5 2 3.76
549 8.00 8.00 8.00 8.00 187.5 2 3.76
730 8.00 8.00 8.00 8.00 187.5 1 3.76
914 8.00 8.00 8.00 8.00 187.5 3 3.76
1095 8.00 8.00 8.00 8.00 187.5 1 3.76
------- ------- ----- ----- ------- -------- ------- ------ --------
Total 1 619.1 17 32.43
------- ------- ----- ----- ------- -------- ------- ------ --------
ORDBp 1 10.04 10.04 10.04 10.04 25.3 1 0.51
185 9.00 9.00 9.00 9.00 150.5 1 3.01
------- ------- ----- ----- ------- -------- ------- ------ --------
Total 175.8 2 2.02
------- ------- ----- ----- ------- -------- ------- ------ --------
RGBRb3 32 5.02 5.02 5.02 5.02 101.0 1 0.20
------- ------- ----- ----- ------- -------- ------- ------ --------
TEBN 30 8.01 8.01 8.01 8.01 10.0 1 0.04
33 10.00 10.00 10.00 10.00 2.0 1 0.03
364 13.00 13.00 13.00 13.00 1.5 1 0.27
------- ------- ----- ----- ------- -------- ------- ------ --------
Total 13.5 3 0.31
------- ------- ----- ----- ------- -------- ------- ------ --------
TXBNb1 1 11.00 11.00 11.00 11.00 15.5 1 0.31
3 11.00 11.00 11.00 11.00 15.5 1 0.06
33 12.00 12.00 12.00 12.00 3.0 1 0.68
------- ------- ----- ----- ------- -------- ------- ------ --------
Total 34.0 3 3.03
------- ------- ----- ----- ------- -------- ------- ------ --------
TXBNb2 31 6.95 6.95 6.95 6.95 151.4 1 4.13
------- ------- ----- ----- ------- -------- ------- ------ --------
VTBN 12 7.98 7.98 7.98 7.98 206.0 2 2.10
18 2.98 2.98 2.98 2.98 105.0 1 0.06
19 5.52 5.52 5.52 5.52 3.0 1 5.96
31 2.99 6.00 2.99 4.94 297.5 2 0.11
32 10.02 10.02 10.02 10.02 5.6 2 5.01
365 11.00 11.00 11.00 11.00 250.0 2 17.36
------- ------- ----- ----- ------- -------- ------- ------ --------
Total 867.1 10 0.40
------- ------- ----- ----- ------- -------- ------- ------ --------
VTBNb1 1 10.48 10.48 10.48 10.48 19.9 1 1.00
24 8.50 8.50 8.50 8.50 50.0 1 0.60
30 8.50 8.50 8.50 8.50 30.0 1 0.28
32 8.00 8.00 8.00 8.00 14.0 1 0.17
92 9.50 9.50 9.50 9.50 8.4 1 2.45
------- ------- ----- ----- ------- -------- ------- ------ --------
Total 122.3 5 0.11
------- ------- ----- ----- ------- -------- ------- ------ --------
VTBNp 15 8.48 8.48 8.48 8.48 5.3 1 2.00
27 13.02 13.02 13.02 13.02 100.0 1 2.00
30 13.00 13.00 13.00 13.00 100.0 1 0.39
32 8.48 8.48 8.48 8.48 19.7 2 4.51
------- ------- ----- ----- ------- -------- ------- ------ --------
Total 225.0 5 0.24
------- ------- ----- ----- ------- -------- ------- ------ --------
VTZL 10 5.99 5.99 5.99 5.99 12.0 1 0.44
14 7.49 7.49 7.49 7.49 22.0 1 0.68
------- ------- ----- ----- ------- -------- ------- ------ --------
Total 34.0 2 1.77
------- ------- ----- ----- ------- -------- ------- ------ --------
ZERD 5 6.08 6.08 6.08 6.08 88.2 1 3.86
31 6.00 6.00 6.00 6.00 192.5 1 5.62
------- ------- ----- ----- ------- -------- ------- ------ --------
Total 280.7 2 1.64
------- ------- ----- ----- ------- -------- ------- ------ --------
TOTAL 4,993.3 85 100.00
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Stake of stock exchange's turnover in total volume of repo deals of Kazakhstan secondary market in May of 2004 equaled to 99.1%, in April of 2004 - 99.3%.
If compared to April, the data presented above reveals that virtually no changes occurred. Insignificant fall of repo operations in May was caused by overnight rates that declined slightly. Such s decline, in turn was induced by periodic tax payments for the whole previous year.
In contrast to previous month, May can be characterized with low overnight repo rates at automatic market. At the same time operations over 7-day instruments grew in number. However, such differences are not critical and in general, Kazakhstan money market remains unchanged and easily predictable.
[2004-06-02]