In June of 2004 volume of deals in KASE's repo sector grew by 43.5% up to KZT 571.8 bn

/IRBIS, Assel Omarova, Andrey Tsalyuk, July 7, 04/ - In June of 2004 at Kazakhstan stock exchange (KASE) in repo-transactions sector there were registered 3,236 deals to the total amount of KZT 571.8 bn. or USD4,194.1 m. at the current rate on deals making date, that is 69.9% of the whole June's turnover. This is highest monthly volume in the history of KASE. In comparison with May of 2004 volume of transactions increased by KZT 173.3 bn. ($1,287.3 m.) or by 43.5% (by 44.3% in dollar terms). Relative to June of 2003 volume of transactions increased by KZT 310.2 bn. ($2,437.1 m.) or 2.2 times (2.4 times in dollar terms). Structure of repo market's turnover at KASE in June, which was calculated in tenge equivalent, was as follows: - the stake of automatic repo transactions was 77.1% of the sector's turnover (KZT 440.9 bn.), including deals in Government securities (GS) - 75.9% (KZT 433.7 bn.), deals in corporate securities (CS) - 1.3% (KZT 7,173.7 m.); - the stake of repo transactions made by direct deals method, was 22.9% of the sector's turnover (KZT 130.9 bn.), including deals in GS - 21.4% (KZT 122.6 bn.), deals in CS - 1.4% (KZT 8,229.0 m.). For comparison, structure of stock exchange's repo market in May of 2004 was characterized by the following indexes: autorepo - 91.7% (GS - 90.2%; CS - 1.5%); repo by direct method - 8.3% (GS - 6.0%; CS - 2.3%). Below are tables, which characterize KASE's repo sector in June of 2004 on opening transactions in tenge. Automatic repo in GS - 76.0% of the market --------------------------------------------------------------------------- Repo rate, % MAY 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 1.00 0.00 6.00 1.00 2.09 197,146.2 1,167 91.0 KZT_002 1.00 1.00 3.50 2.15 2.25 1,752.0 14 0.8 KZT_003 1.50 1.50 3.00 3.00 2.66 2,415.0 22 1.1 KZT_007 2.50 2.00 5.00 2.50 2.82 5,882.0 47 2.7 KZT_014 3.00 2.50 6.50 3.00 3.46 6,140.0 54 2.8 KZT_028 3.60 2.00 6.50 3.50 3.57 3,317.0 35 1.5 ----------- -------- ----- ----- ------- -------- --------- ------ -------- TOTAL 216,652,2 1,339 100 --------------------------------------------------------------------------- Automatic repo in CS - 1.3% of the market ------------------------------------------------------------------------- Repo rate, % MAY 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 6.40 6.40 7.20 7.20 6.91 33.0 2 0.9 ASBNb1_014 7.00 7.00 7.00 7.00 7.00 2.0 2 0.1 ASFIb2_001 5.00 5.00 5.20 5.00 5.05 120.0 4 3.1 ASFIb2_021 6.00 6.00 6.00 6.00 6.00 40.0 2 1.0 ATFBb2_014 6.00 6.00 51.0 1 1.3 BRKZb1_007 5.70 5.70 13.0 1 0.3 CCBN_007 5.00 5.00 58.0 1 1.5 CCBN_030 8.00 6.00 8.00 6.00 7.33 12.0 3 0.3 CCBNb3_028 8.50 8.50 8.50 8.50 8.50 250.0 2 6.5 HRLT_028 8.00 7.50 8.00 7.50 7.72 411.0 2 10.7 HSBKb_028 9.00 9.00 22.0 1 0.6 KZIKb1_001 5.00 5.00 5.30 5.30 5.08 275.0 4 7.2 KZIKb1_003 2.00 2.00 249.0 1 6.5 KZIKb2_003 2.00 2.00 361.0 1 9.4 KZTCb1_007 5.70 5.70 50.0 1 1.3 KZTCb1_028 7.50 7.50 7.50 7.50 7.50 200.0 4 5.2 NRBNb2_028 8.25 8.25 153.0 1 4.0 ORDB_007 9.00 9.00 265.0 1 6.9 ORDB_028 8.00 8.00 8.00 8.00 8.00 280.0 4 7.3 ORDBb1_028 6.50 6.50 13.0 1 0.3 ORDBp_007 5.40 5.40 5.50 5.50 5.45 40.0 2 1.0 ORDBp_014 5.70 5.70 20.0 1 0.5 RGBRb3_028 8.50 8.50 8.50 8.50 8.50 205.0 2 5.4 ROSAb1_028 9.50 9.50 80.0 1 2.1 TEBN_030 6.00 6.00 12.00 12.00 8.86 155.0 3 4.0 TXBNb1_001 5.00 5.00 20.0 1 0.5 TXBNb2_001 5.00 5.00 5.20 5.00 5.06 155.0 3 4.0 VTBN_014 6.00 6.00 39.0 1 1.0 VTBN_028 10.00 10.00 24.0 1 0.6 VTBNb1_028 10.00 10.00 70.0 1 1.8 VTBNp_001 5.00 5.00 15.0 1 0.4 VTBNp_007 5.20 5.20 5.50 5.50 5.33 30.0 3 0.8 VTBNp_028 9.00 9.00 10.00 10.00 9.39 119.0 4 3.1 ----------- -------- ----- ----- ------- -------- ------- ------ -------- TOTAL 3,830.0 63 100.0 ------------------------------------------------------------------------- Repo on direct deals in GS - 20.7% of the market ------------------------------------------------------------------------------ Repo rate, % MAY 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 1.00 0.30 3.52 0.53 1.04 44,898.0 54 76.3 2 0.90 0.90 60.0 1 0.1 3 1.00 0.90 3.50 0.90 1.03 11,723.4 14 19.9 5 3.98 1.50 3.98 1.50 3.19 287.1 3 0.5 6 3.50 3.50 108.0 1 0.2 7 3.30 2.50 4.50 2.75 3.33 470.0 7 0.8 8 3.50 2.00 3.50 2.00 3.33 146.0 3 0.2 9 3.00 3.00 3.00 3.00 3.00 106.2 2 0.2 11 3.00 3.00 22.3 1 0.0 14 5.50 2.70 5.50 3.50 3.99 450.8 6 0.8 16 4.00 4.00 4.00 4.00 4.00 200.0 2 0.3 17 3.20 3.20 100.0 1 0.2 28 6.00 4.99 6.00 5.00 5.46 159.6 9 0.3 29 4.25 4.25 4.25 4.25 4.25 76.6 2 0.1 183 6.00 6.00 45.0 1 0.1 ------- -------- ----- ----- ------- -------- -------- ------ -------- TOTAL 58,852.9 107 100.0 ------------------------------------------------------------------------------ Repo on direct deals in CS - 2.0% of the market ----------------------------------------------------------------------------- Repo rate, % MAY 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 14 7.82 78.8 1 1.41 20 7.30 7.30 7.30 7.30 88.1 3 1.57 28 6.95 7.82 7.82 7.35 160.1 2 2.86 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 327.0 6 5.85 ----------------------------------------------------------------------------- ARNAb1 7 6.00 13.9 1 0.25 ----------------------------------------------------------------------------- ASFIb2 7 6.00 20.8 1 0.37 30 12.00 0.5 1 0.01 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 21.2 2 0.38 ----------------------------------------------------------------------------- ATFBb2 20 6.00 69.1 1 1.24 ----------------------------------------------------------------------------- BRKZb1 20 5.99 19.0 1 0.34 ----------------------------------------------------------------------------- BTASb2 172 6.00 404.5 1 7.23 ----------------------------------------------------------------------------- CCBN 1 3.62 4.6 1 0.08 29 10.01 76.6 1 1.37 30 9.00 10.04 10.04 9.07 32.0 2 0.57 92 9.01 30.0 1 0.54 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 143.2 5 2.56 ----------------------------------------------------------------------------- CCBNb1 13 4.00 3.1 1 0.05 ----------------------------------------------------------------------------- CCBNb2 13 4.00 3.5 1 0.06 ----------------------------------------------------------------------------- CCBNb3 13 4.15 1.5 1 0.03 ----------------------------------------------------------------------------- HRLT 153 8.86 8.86 8.86 8.86 120.0 2 2.15 ----------------------------------------------------------------------------- HSBKb 30 8.00 23.0 1 0.41 167 8.00 10.00 8.00 8.99 26.1 2 0.47 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 49.2 3 0.88 ----------------------------------------------------------------------------- KARMb2 5 4.00 1.7 1 0.03 15 4.25 21.0 1 0.38 30 4.50 80.5 1 1.44 61 4.50 28.0 1 0.50 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 131.2 4 2.35 ----------------------------------------------------------------------------- KZIKb1 30 13.00 13.00 13.00 13.00 2.5 2 0.04 ----------------------------------------------------------------------------- KZMS 28 10.00 27.9 1 0.50 30 6.01 0.5 1 0.01 61 11.00 17.0 1 0.30 92 10.50 10.50 10.50 10.50 24.7 3 0.44 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 70.1 6 1.25 ----------------------------------------------------------------------------- KZTCb1 3 4.98 6.23 6.23 5.60 70.3 2 1.26 13 7.48 7.48 7.48 7.48 97.2 2 1.74 19 7.43 7.43 7.43 7.43 97.4 2 1.74 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 264.9 6 4.74 ----------------------------------------------------------------------------- KZTKp 6 15.00 4.3 1 0.08 30 15.00 3.3 1 0.06 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 7.6 2 0.14 ----------------------------------------------------------------------------- MREKb1 1 3.32 6.64 6.64 4.99 187.3 3 3.35 3 5.46 100.0 1 1.79 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 287.3 4 5.14 ----------------------------------------------------------------------------- ORDB 5 9.02 21.0 1 0.38 7 5.02 8.02 5.02 6.93 82.9 2 1.48 30 12.50 162.0 1 2.90 62 12.00 48.5 1 0.87 151 4.23 8.00 4.23 5.53 1,559.3 2 27.89 172 7.00 404.5 1 7.23 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 2,278.1 8 40.75 ----------------------------------------------------------------------------- ORDBb1 30 9.00 15.0 1 0.27 ----------------------------------------------------------------------------- TEBN 30 8.01 10.00 8.01 8.34 12.0 2 0.21 187 4.00 14.9 1 0.27 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 26.9 3 0.48 ----------------------------------------------------------------------------- TXBNb1 21 11.00 15.3 1 0.27 30 12.00 3.0 1 0.05 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 18.3 2 0.33 ----------------------------------------------------------------------------- VTBN 11 5.05 5.05 5.05 5.05 24.0 2 0.43 12 5.05 5.05 5.05 5.05 24.0 2 0.43 15 4.56 28.0 1 0.50 30 9.91 10.99 10.99 10.73 10.3 3 0.18 153 9.01 9.01 9.01 9.01 220.0 2 3.93 365 10.50 10.50 10.50 10.50 350.0 4 6.26 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 656.3 14 11.74 ----------------------------------------------------------------------------- VTBNb1 1 4.00 72.6 1 1.30 2 4.00 32.0 1 0.57 3 2.00 45.9 1 0.82 7 4.00 80.5 1 1.44 21 3.50 86.2 1 1.54 22 7.00 9.0 1 0.16 28 8.50 50.0 1 0.89 29 2.00 13.0 1 0.23 30 8.50 30.0 1 0.54 196 8.00 75.0 1 1.34 365 8.00 40.0 1 0.72 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 534.3 11 9.56 ----------------------------------------------------------------------------- VTBNp 30 10.99 13.00 13.00 12.86 107.7 2 1.93 62 8.49 8.6 1 0.15 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 116.3 3 2.08 ----------------------------------------------------------------------------- VTZL 20 7.97 4.0 1 0.07 30 8.03 3.4 1 0.06 -------- ------- ----- ----- ------- -------- ------- ------ -------- Total 7.4 2 0.13 ----------------------------------------------------------------------------- SUBTOTAL 5,591.2 93 100.00 ----------------------------------------------------------------------------- Stake of stock exchange's turnover in total volume of repo deals of Kazakhstan secondary market in June of 2004 equaled to 98.5%, in May of 2004 - 99.1%. The stock exchange repo market was different from previous month both in terms of operational volumes and turnover's structure. This was defined by extraordinary high volume of deals over overnight repo in the GS direct deals sector (please, see third table). IRBIS notes that the same traders were responsible for high volumes in the GS purchase-sale sector. Most probably, in June KASE saw conduction of some financial schemes with of significant volumes of capital. However, IRBIS does not possess information sufficient enough to disclose a nature of transactions. It looks like June month is an odd one in terms of influence of local factor. Thus, June data could be hardly considered in forecasting of further market developments. Presented data also displayed high tenge liquidity on the financial market. Yields have fallen. Trend of growth of weekly repo operations in the auto- repo sector born in May did not continue. Most liquid instruments are still shortest overnight money. [2004-07-07]