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In July of 2004 volume of deals in KASE's repo sector fell by 14.4% down to KZT 489.4 bn
/IRBIS, Ranida Gabdeyeva, Andrey Tsalyuk, August 10, 04/ - In July of 2004 at Kazakhstan stock exchange (KASE) in repo-transactions sector there were registered 3,055 deals to the total amount of KZT 489.4 bn. or USD3,610.5 m. at the current rate on deals making date, that is 78.9% of the whole July's turnover. This is highest monthly volume in the history of KASE.
In comparison with June of 2004 volume of transactions decreased by KZT 82,370.3 m. ($583.6 m.) or by 14.4% (by 13.9% in dollar terms). Relative to July of 2003 volume of transactions increased by KZT 227.9 bn. ($1,853.4 m.) or 1.9 times (2.1 times in dollar terms).
Structure of repo market's turnover at KASE in July, which was calculated in tenge equivalent, was as follows:
- the stake of automatic repo transactions was 95.3% of the sector's turnover (KZT 466.3 bn.), including deals in Government securities (GS) - 93.8% (KZT 459.0 bn.), deals in corporate securities (CS) - 1.5% (KZT 7.2 bn);
- the stake of repo transactions made by direct deals method, was 4.7% of the sector's turnover (KZT 23.1 bn.), including deals in GS - 3.6% (KZT 17.8 bn.), deals in CS - 1.1% (KZT 5.4 bn).
For comparison, structure of stock exchange's repo market in June of 2004 was characterized by the following indexes: autorepo - 77.1% (GS - 75.9%;
CS - 1.3%); repo by direct method - 22.9% (GS - 21.4%; CS - 1.4%).
Below are tables, which characterize KASE's repo sector in July of 2004 on opening transactions in tenge.
Automatic repo in GS - 93.8% of the market
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Repo rate, % JUNE
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 1.48 0.10 8.50 0.50 1.39 211,982.1 1,134 92.1
KZT_002 3.00 0.35 3.00 0.35 2.00 264.0 3 0.1
KZT_003 1.50 1.00 3.90 1.90 2.94 994.0 10 0.4
KZT_007 2.00 1.00 5.00 1.00 2.23 6,261.0 65 2.7
KZT_014 2.50 1.20 5.00 1.20 2.84 6,382.0 54 2.8
KZT_028 3.60 2.00 4.50 2.80 3.27 4,350.0 46 1.9
----------- -------- ----- ----- ------- -------- --------- ------ --------
TOTAL 230,233.2 1,312 100
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Automatic repo in CS - 1.5% of the market
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Repo rate, % JUNE
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 7.30 7.30 6.97 33.0 2 1.1
ASFIb2_001 5.10 5.00 5.10 5.00 5.03 90.0 3 2.9
ASFIb2_007 5.50 5.50 30.0 1 1.0
CCBN_030 8.00 8.00 8.0 1 0.3
CCBNb3_028 8.50 8.50 8.50 8.50 8.50 247.0 2 8.0
HRLT_028 8.00 7.50 8.00 7.50 7.72 411.0 2 13.4
HSBKb_028 9.00 9.00 22.0 1 0.7
KZIKb1_001 5.00 5.00 5.40 5.30 5.33 387.0 6 12.6
KZTCb1_007 5.50 5.50 8.00 5.50 5.86 140.0 3 4.6
NRBNb2_028 8.25 8.25 153.0 1 5.0
ORDB_028 11.00 8.00 11.00 8.00 8.25 305.0 5 9.9
ORDBb1_028 6.60 6.60 11.0 1 0.4
ORDBp_007 5.50 5.50 5.60 5.60 5.53 60.0 3 2.0
ORDBp_028 11.00 11.00 40.0 1 1.3
RGBRb3_028 8.50 8.50 8.50 8.50 8.50 190.0 2 6.2
TEBN_030 7.80 7.80 12.00 12.00 9.29 141.0 2 4.6
TXBNb1_001 5.00 5.00 5.10 5.00 5.02 80.0 4 2.6
TXBNb2_001 5.20 5.10 5.30 5.20 5.15 306.0 7 10.0
VTBN_001 5.20 5.20 17.0 1 0.6
VTBN_028 10.00 10.00 10.00 10.00 10.00 98.0 2 3.2
VTBNb1_028 10.00 10.00 70.0 1 2.3
VTBNp_001 5.00 5.00 10.0 1 0.3
VTBNp_007 5.50 5.50 10.0 1 0.3
VTBNp_014 6.00 6.00 10.0 1 0.3
VTBNp_028 9.00 6.50 10.00 9.00 9.10 204.0 4 6.6
----------- -------- ----- ----- ------- -------- ------- ------ --------
TOTAL 3,073.0 58 100.0
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Repo on direct deals in GS - 3.6% of the market
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Repo rate, % JUNE
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 0.50 0.50 7.80 0.60 2.62 923.6 8 9.2
2 0.29 0.29 3.00 0.80 1.30 1,033.0 6 10.3
3 0.50 0.40 2.01 0.40 0.66 1,049.8 6 10.5
4 1.80 0.30 7.00 0.70 2.23 1,230.8 9 12.3
5 0.55 0.30 4.00 1.50 2.71 309.5 4 3.1
6 2.60 2.60 2.60 2.60 2.60 100.0 2 1.0
7 2.50 0.40 3.20 0.50 1.53 881.6 8 8.8
8 0.50 0.50 2.70 2.70 0.96 865.8 11 8.7
9 1.60 1.60 1.60 1.60 1.60 108.1 1 1.1
10 4.00 1.50 4.00 1.50 2.94 204.0 4 2.0
12 3.50 3.50 3.50 3.50 3.50 630.6 4 6.3
13 3.50 3.50 3.50 3.50 3.50 839.0 4 8.4
14 2.90 2.00 3.50 2.00 3.05 829.0 6 8.3
17 1.50 1.50 1.50 1.50 1.50 180.0 1 1.8
28 5.00 3.30 5.00 3.40 3.57 485.5 10 4.9
74 3.70 3.70 3.70 3.70 3.70 100.0 1 1.0
92 4.25 4.25 4.25 4.25 4.25 222.4 3 2.2
------- -------- ----- ----- ------- -------- ------- ------ --------
TOTAL 9,992.5 88 100.0
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Repo on direct deals in CS - 1.1% of the market
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Repo rate, % JUNE
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 161 12.02 4.0 1 0.10
183 14.96 12.3 1 0.32
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Total 16.3 2 0.42
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AMGZp 42 6.00 30.0 1 0.77
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ASBNb1 32 8.10 2.5 1 0.06
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ASBNb2 32 8.10 1.7 1 0.04
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ASFIb2 5 3.01 7.1 1 0.18
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BTASb2 14 7.81 15.0 1 0.39
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CCBN 31 9.01 50.0 1 1.28
32 9.01 11.52 9.01 9.76 166.9 4 4.27
62 8.52 3.0 1 0.08
90 9.00 82.1 1 2.10
91 9.99 58.0 1 1.48
92 10.02 50.0 1 1.28
182 6.25 11.00 6.25 8.62 10.0 2 0.26
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Total 420.0 11 10.75
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HSBK 11 2.61 2.2 1 0.06
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HSBKb 31 8.00 23.1 1 0.59
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KZIKb1 31 13.00 13.00 13.00 13.00 2.5 2 0.06
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KZMS 31 12.00 1.4 1 0.04
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KZTCb1 91 8.00 8.00 8.00 8.00 70.0 2 1.79
243 7.99 100.0 1 2.56
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Total 170.1 3 4.35
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KZTKp 31 15.00 3.6 1 0.09
43 6.04 1.0 1 0.03
63 10.01 1.2 1 0.03
Total 5.8 3 0.15
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MMGZp 62 7.00 14.6 1 0.37
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NRBNb2 232 7.00 250.0 1 6.40
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NRBNb3 28 4.12 375.8 1 9.62
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ORDB 1 7.04 34.6 1 0.88
9 7.02 16.3 1 0.42
15 6.99 52.0 1 1.33
25 14.97 14.97 14.97 14.97 12.8 4 0.33
30 7.00 51.9 1 1.33
31 15.01 15.04 15.04 15.02 337.5 2 8.64
39 11.91 14.1 1 0.36
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Total 519.2 11 13.29
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ORDBb1 33 9.00 15.0 1 0.38
62 7.00 10.4 1 0.26
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Total 25.4 2 0.65
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ORDBp 28 11.00 100.0 1 2.56
31 15.02 62.5 1 1.60
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Total 162.5 2 4.16
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RGBRb3 8 7.78 7.78 7.78 7.78 59.9 2 1.53
13 7.32 79.8 1 2.04
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Total 139.7 3 3.57
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TEBN 32 8.00 10.0 1 0.26
33 10.00 2.0 1 0.05
168 6.00 25.0 1 0.64
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Total 37.0 3 0.95
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TEBNb3 33 4.00 20.1 1 0.51
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TXBNb2 1 2.08 3.64 2.08 3.28 17.6 2 0.45
3 3.64 15.1 1 0.39
4 2.42 5.0 1 0.13
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Total 37.6 4 0.96
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VTBN 4 3.53 31.2 1 0.80
7 3.53 5.05 3.53 3.71 57.6 2 1.47
13 7.02 4.0 1 0.10
14 7.01 8.0 1 0.20
28 7.98 57.0 1 1.46
33 4.01 25.0 1 0.64
42 7.50 22.0 1 0.56
112 6.62 82.0 1 2.10
142 7.71 63.0 1 1.61
153 13.00 41.6 1 1.06
214 13.00 22.0 1 0.56
235 10.00 10.00 10.00 10.00 206.0 3 5.27
365 10.50 10.50 10.50 10.50 350.0 4 8.96
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Total 969.4 19 24.81
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VTBNb1 3 4.00 75.2 1 1.92
8 2.00 3.0 1 0.08
14 4.00 73.2 1 1.87
21 2.00 76.5 1 1.96
28 2.50 8.50 2.50 5.64 95.7 2 2.45
32 8.50 30.0 1 0.77
33 6.00 20.0 1 0.51
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Total 373.6 8 9.56
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VTBNp 7 3.44 11.1 1 0.28
10 8.03 30.0 1 0.77
32 13.00 100.0 1 2.56
235 10.00 44.0 1 1.13
365 12.00 100.0 1 2.56
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Total 285.1 5 7.30
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TOTAL 3,907.4 90 100.00
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Stake of stock exchange's turnover in total volume of repo deals of Kazakhstan secondary market in July of 2004 equaled to 98.2%, in June of 2004 - 98.5%.
Absence of sizable operations between two market participants in contrast to their June transactions has lowered July volume of repo deals. The same factor affected the secondary market of government securities.
Nonetheless, reached level still looks rather substantial. The figure is a record high except for June month of 2004. The reason is growing amount of "free" tenge on the market. In June weighted average overnight repo rate in the automatic repo sector (TONIA indicator) was 2.09%. IN July the same figure has not exceeded 1.39%. Some deals were made at 0.1%.
Decline of short money cost is a result of fall in emission activity of the National Bank on the notes market as well as sterilization of export proceeds. IRBIS analysts suggest that August would demonstrate even lower overnight rates with volumes unchanged.
[2004-08-10]