In June of 2004 volume of GS purchase and sale deals at KASE increased 3.8 times up to KZT 150.3 bn.

/IRBIS, Ranida Gabdeyeva, Andrey Tsalyuk, July 6, 04/ - In June of 2004 at Kazakhstan Stock Exchange (KASE) 366 deals in government securities (GS) were made for a total of KZT 150,262.5 m. or ($1,102.7 m.) what was 18.4% of total exchange's turnover of the month. Stated figure is both current year and KASE historical record breaking monthly volume of GS operations in the sector. In comparison with May of 2004 the sector's turnover increased 3.8 times in tenge equivalent and 3.8 in dollar terms. Relative to June of 2003 the turnover increased 10.1 times in tenge and 11.0 times in dollar terms. Statistical indicators of sale-purchase sector in June and turnover's structure are given in the table (in parentheses - comparable figures of previous month). --------------------------------------------------------------------------- Yield to maturity for the buyer, %APR Days ----------------------------- Volume, mln KZT Number till maturity min max last WA at discount of deals -------------- ---- ----- ---- ------------- -------------------- --------- Discounted GS (KZT): MEKKAM, National Bank's notes 68.3% (60.4%) of purchase and sale sector's turnover --------------------------------------------------------------------------- less than 8 3.01 3.60 3.37 3.21 (3.17) 808.8 4 8 - 14 1.90 4.50 1.90 3.78 (3.38) 1,208.4 6 15 - 28 3.20 4.70 3.65 3.70 (3.86) 749.8 21 29 - 36 3.00 5.22 3.00 4.00 (4.17) 1,097.2 14 37 - 42 3.65 4.00 3.65 3.73 (4.32) 131.7 3 43 - 56 3.60 5.00 3.60 3.81 (4.83) 641.6 13 57 - 63 3.80 16.17 4.50 15.03 (4.54) 110.3 4 64 - 91 2.65 14.66 3.90 4.40 (5.28) 1,275.7 20 92 - 181 2.55 4.97 4.00 4.72 (4.60) 8,065.5 50 182 - 364 4.00 5.17 4.70 4.80 (5.02) 88,490.4 131 -------------- ---- ----- ---- ------------- -------------------- --------- Total 102,579.4 (24,204.1) 266 (178) -------------- ---- ----- ---- ------------- -------------------- --------- Coupon GS (KZT): MEOKAM 31.0% (27.1%) of purchase and sale sector's turnover --------------------------------------------------------------------------- less than 730 2.83 8.00 5.18 5.71 (5.43) 24,397.6 33 731 - 1095 5.50 6.00 5.50 5.78 (6.00) 228.2 9 1096 - 1460 5.90 8.00 8.00 5.93 (6.00) 1,535.7 8 1461 - 1825 5.70 7.00 6.12 6.03 (5.96) 17,848.2 33 1826 - 2190 5.60 6.13 6.13 5.81 (5.82) 1,312.0 5 more than 2191 5.95 6.24 6.09 6.08 (6.06) 1,234.2 6 -------------- ---- ----- ---- ------------- -------------------- --------- Total 46,555.9 (10,851.4) 94 (70) -------------- ---- ----- ---- ------------- -------------------- --------- Euronotes of Kazakhstan (USD) 0.8% (12.5%) -------------- ---- ----- ---- ------------- -------------------- --------- *113 - 124 3.64 4.07 3.64 4.03 ( -) 454.3 2 **1036 - 1054 4.06 5.24 4.06 5.07 (3.92) 672.8 4 -------------- ---- ----- ---- ------------- -------------------- --------- Total 1,127.1 (4,992.7) 6 (11) -------------- ---- ----- ---- ------------- -------------------- --------- GRANDTOTAL 150,262.5 (40,059.5) 366 (262) --------------------------------------------------------------------------- Notes: for euronotes (* - third issue. ** - fourth issue) volumes were calculated at weighted average USD/KZT rate of the Exchange. In June stake of the exchange's turnover in total volume of purchase and sale deals made at Kazakhstan secondary GS market fell to 97.8%. In May it was 96.1%. Unfortunately, stated growth figures in June did not display qualitative changes on the GS secondary market. It still suffers from absence of real and true liquidity of securities. More than 77% of the stock exchange turnover fell on two KASE members that operated between each other using standard set of bonds (securities could be easily disclosed judging from operational volumes). It is possible that mentioned members were operating on behalf of their clients. However, isolation of this pair from rest of the market forces us to consider non-market nature of conducted deals yet not excluding market nature of prices. Thus, it is clearly that in July absence of motives that caused June growth of operations could result in sharp decline of market turnover. This fall could be hardly forecasted. Yields in the GS purchase-sale sector remain unchanged reflecting rates at primary floatation of MEKKAM and notes. [2004-07-06]