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Market and Company News
11.08.2004 20:30

In July of 2004 volume of CS purchase and sale deals at KASE rose by 9.3% to $153.8 m.

/IRBIS, Ranida Gabdeyeva, Andrey Tsalyuk, August 11, 04/ - In July of 2004 at the Kazakhstan Stock Exchange (KASE) 508 deals were made in corporate securities (CS) in all sectors of the market (excluding repo- transactions sector) for a total of KZT20,857.3 m. or $153.8 m. at current rate of KASE effective on the day the deals were made. The stated sum is 3.4% of monthly exchange turnover.

In comparison with June of 2004 volume of transactions increased by $13.1 m. (KZT1.2 bn.) or by 9.3% (by 8.8% in terms of tenge). Relative to July of 2003 volume of transactions rose by $113.6 m. (KZT15.0 bn.) or 3.8 times (3.5 times in terms of tenge).

Structure of CS turnover at KASE in July is presented in the following way: 23.1% ($35,580.9 th.) of conducted deals fell to the stake of primary offerings; stake of purchase and sale sector was 76.9% ($118,177.1 th.). In SBS sector no deals were made. Structure of exchange's CS market in June of 2004 was as follows: the stake of primary offerings was 3.2% of transactions volume ($4,500.7 th.), purchase and sale sector - 96.8% ($136,169.5 th.).

Judging on the shown data it's seen that growth of CS turnover at KASE in July relative to previous month occurred because of primary offerings. During the month first issue bonds of Food contract corporation JSC (PRKRb1, 55.2% of primary CS market's turnover at KASE), sixth issue bonds of Kazakhstan Mortgage Company JSC (KZIKb6, 20.9%), fourth issue bonds of Halyk savings bank of Kazakhstan JSC (HSBKb4, 13.8%) and common shares of Valut-tranzit Bank OJSC (VTBN, 10.0%) were sold at primary offerings at KASE. Such the high activity of the primary market of KASE is the peculiarity of the period. In this year monthly turnover of IPO was never so high at KASE. Non-attractiveness of government securities market and the big volume of free tenge on correspondent accounts of stock market's participants predetermined the high demand for instruments offered by issuers and provided their floatation.

The secondary share market was not notable. Volume of transactions fell by 20.3% or by $15.0 m. Shares of MINERAL OJSC were among favorites, trades in them were opened in June. Weighted average day rate of 7 shares out of 25 ones involved into deals grew, 9 - fell, rate of 8 securities did not change, and there was nothing to compare price of MNRL with. Weighted average day rate of following securities grew most of all in July at KASE: common shares of Corporation Ordabasy JSC" (ORDB, +93.4%), privileged shares of Almaty Kus OJSC (ALKSp, +30.0%) and privileged shares of Mangistaumunaigas OJSC (MMGZp, +29.6%); Weighted average day rate of following securities fell most of all: common shares of Bayan-Sulu JSC (BSUL, -88.9%), Halyk savings bank of Kazakhstan JSC (HSBK, -32.7%) and Ust-Kamenogorsk titanium-magnesium combine JSC (UTMK, -26.0%).

Index KASE_Shares grew in July by 2.3% mainly due to growth of demand price for common shares of Almaty Kus OJSC (by 25.0%), Valut-tranzit-Bank OJSC (by 18.8%), Astana-finance JSC (by 10.0%), and for privileged shares of Bank TuranAlem JSC (by 10.5%).

The secondary corporate bond market in July showed the considerable deals volume ($59,039.7 th.) and falling of this indicator relative to previous month by 4.7% or by $2,944.1 th. More than 26% of bond turnover fell to the stake of HSBKb4. It's not excluded that most volume of deals in these securities in KASE's purchase and sale sector was the volume of non-declared primary floatation. Other bonds were traded without pronounced favorites of the market. It's necessary to mark the increased volume of transactions in the second issue instruments of Karazhanbasmunai OJSC (KARMb2, 6.5% of secondary bond turnover in July), Tsesnabank JSC of the first issue (TSBNb1, 6.3%) and RG Brands JSC of the third issue (RGBRb3, 5.7%). Weighted average day price of 15 bonds out of 38 ones involved into deals grew, of 15 - fell, it was impossible to calculate price variation of 8 instruments because first deals in them were made in July.

Judging on behavior of the indexed of KASE_B* series (last table), yield of corporate bonds went on fluent falling in the analyzed month that was caused by predominant growth of prices and quotations of demand, and also by inclusion of new less profitable securities into representative lists for indexes calculation.

As the whole July's CS market at KASE did not show anything new except the high issuing activity of issuers and willingness of KASE members to buy them at public offerings.

Following are the tables, which show stock exchange's CS market in July of 2004.

Change of the lists of KASE securities in July of 2004 (by the end of month, change for the month)

--------------------------------------------------------
                   Shares:         Bonds:       Issuers:
Category of  ------  -----  ------  -----  ------  -----
admission    number  trend  number  trend  number  trend
-----------  ------  -----  ------  -----  ------  -----
A                41     +1      72     -1      49     -1
B                33      0       7     -1      31     -1
-----------  ------  -----  ------  -----  ------  -----
A+B              74     +1      79     -2      78     -2
-----------  ------  -----  ------  -----  ------  -----
N                 2     -5       0      0       2     -2
-----------  ------  -----  ------  -----  ------  -----
TOTAL            76     -4      79     -2      78     -4
--------------------------------------------------------

Notes: "A" - official "A" listing category; "B" - official "B" listing category; "A+B" - official list; "N" - "Non-listing securities" sector.

Most tradable securities at KASE in July of 2004 (purchase and sale only, excluding deals in SBS and primary floatations)

--------------------------------------------------------------------------------------
                                              Volume of deals:
Code     Brief                              --------- --------   Num-   Market   Price
of       name of                                  th.       m. ber of   share, change,
security issuer                                   USD      KZT  deals        %       %
-------- ---------------------------------- --------- -------- ------ -------- -------
HSBKb4   Halyk savings bank of
         Kazakhstan JSC                      20,549.7  2,794.3      5     13.4       -
PRKRb1   Food contract corporation JSC       19,655.2  2,665.1      7     12.8    +0.6
VTBN     VALUT-TRANZIT BANK OJSC             12,304.3  1,667.9     54      8.0    +8.8
KZIKb6   Kazakhstan Mortgage
         Company JSC                          9,697.5  1,313.1      8      6.3       -
CCBN     Bank CenterCredit JSC                9,632.0  1,302.9     27      6.3   +21.6
MNRL     MINERAL OJSC                         6,776.5    917.0      1      4.4       -
VTBNp    VALUT-TRANZIT BANK OJSC              6,234.7    845.6     67      4.1       0
BTAS     Bank TuranAlem JSC                   5,562.1    757.5      6      3.6    -4.6
VTZL     Kazyuvelirprom JSC                   4,775.9    648.2     53      3.1       0
KARMb2   Karazhanbasmunai OJSC                3,837.2    522.8      5      2.5    +2.1
TSBNb1   Tsesnabank JSC                       3,704.1    503.0      3      2.4       -
KZMS     Corporation Kazakhmys JSC            3,624.7    491.4     20      2.4   -16.7
RGBRb3   RG Brands JSC                        3,370.3    456.3     11      2.2   +0.04
KZTCb1   KazTransCom OJSC                     2,807.0    379.9      4      1.8    +1.3
ALKS     Almaty Kus OJSC                      2,737.0    372.2     29      1.8   +25.0
ORDB     Corporation Ordabasy JSC             2,360.6    319.4      6      1.5   +93.4
NRBNb3   Nurbank OJSC                         2,320.7    316.3      4      1.5       ,
KZIKb4   Kazakhstan Mortgage
         Company JSC                          2,194.0    297.5      4      1.4   -12.2
TEBN     Temirbank JSC                        2,079.2    283.3      9      1.4   -10.4
NRBNb1   Nurbank OJSC                         2,020.4    274.8      1      1.3    -1.9
CSBNb4   BANK CASPIAN JSC                     2,005.8    271.6      2      1.3    +0.5
CHFMb1   Chimfarm JSC                         1,924.9    260.7      2      1.3    -3.6
KZALb1   Mining and smelting
         concern Kazakhaltyn JSC              1,870.3    253.0      1      1.2       -
ORDBp    Corporation Ordabasy JSC             1,864.3    252.4     10      1.2    -1.5
NRBNb2   Nurbank OJSC                         1,859.0    251.5      1      1.2    -3.3
CCBNb3   Bank CenterCredit JSC                1,816.9    246.3      5      1.2    -0.9
ZERD     Zerde OJCS                           1,634.5    221.8     34      1.1   -10.9
CSBNb3   BANK CASPIAN JSC                     1,570.4    212.4      4      1.0    -3.1
ALKSp    Almaty Kus OJSC                      1,297.1    176.6     13      0.8   +30.0
TXBNb2   TEXAKABANK OJSC                      1,274.5    172.7     13      0.8    +1.4
HSBKb3   Halyk savings bank of
         Kazakhstan JSC                       1,268.5    172.1      2      0.8    +1.0
MREKb1   Mangistau
         distributing electricity
         network company OJSC                 1,181.5    160.5      5      0.8    +1.2
CCBNb2   Bank CenterCredit JSC                1,092.0    147.9      3      0.7    +3.9
ATFBp    ATFBank JSC                            957.6    130.0      8      0.6   +28.0
ARNAb1   ARNA OJSC                              887.0    120.3      5      0.6    +1.0
ASFIb4   Astana-Finance JSC                     745.5    100.9      1      0.5       -
ASFIb2   Astana-Finance JSC                     719.3     97.4     12      0.5    -1.1
UKPFb1   UST-KAMENOGORSK
         BATTERY FARM OJSC                      643.3     87.3      4      0.4    +2.3
UTMK     Ust-Kamenogorsk titanium-
         magnesium combine JSC                  625.8     85.1      2      0.4   -26.0
KKGBb3   Kazkommertsbank JSC                    373.1     50.6      1      0.2    -0.2
KZIKb2   Kazakhstan Mortgage
         Company JSC                            370.7     50.3      4      0.2    +2.6
BTASb2   Bank TuranAlem JSC                     287.4     39.0      3      0.2    -5.7
ASBNb2   Alliance Bank JSC                      227.6     30.8      1      0.1    +1.2
TEBNb3   Temirbank JSC                          212.2     28.9      2      0.1    -1.8
BRKZb1   Development Bank of Kazakhstan JSC     203.6     27.6      1      0.1    -2.0
MMGZp    Mangistaumunaigas OJSC                 195.9     26.5      6      0.1   +29.6
KZIKb3   Kazakhstan Mortgage
         Company JSC                            103.7     14.1      1      0.1    +0.8
ROSAb1   ROSA JSC                                88.0     11.9      4      0.1    +2.2
UKTCb1   AES Ust-Kamenogorsk HS OJSC             56.2      7.6      1     0.04    -0.4
TXBNb1   TEXAKABANK OJSC                         40.6      5.5      1     0.03    +1.1
KZTOe1   KazTransOil JSC                         38.0      5.2      1     0.02    -0.6
KZTKp    Kazakhtelecom JSC                       33.6      4.6      3     0.02    -5.8
CSBNb2   BANK CASPIAN JSC                        14.8      2.0      1     0.01    -2.8
ASBNb1   Alliance Bank JSC                        9.8      1.3      1     0.01    -8.0
UTMKp    Ust-Kamenogorsk titanium-
         magnesium combine JSC                    6.7      0.9      2    0.004       0
RAHT     Rakhat OJSC                              3.7      0.5      1    0.002       0
BTASb4   Bank TuranAlem JSC                       2.4      0.3      1    0.002       -
ALKZp    Aluminium of Kazakhstan JSC              2.3      0.3      8    0.002       0
BSUL     Bayan-Sulu JSC                           2.1      0.3      1    0.001   -88.9
CSBN     BANK CASPIAN JSC                         2.1      0.3      4    0.001       0
KZCRp    TNC Kazchrome OJSC                       0.9      0.1      3    0.001       0
HSBK     Halyk savings bank of
         Kazakhstan JSC                           0.8      0.1      3    0.001   -32.7
KZASb2   KOSTANAI MINERALS JSC                    0.3     0.04      1   0.0002       -
CSBNp    BANK CASPIAN JSC                       0.003   0.0004      2 0.000002       0
-------- ---------------------------------- --------- -------- ------ -------- -------
TOTAL    64                                 153,758.0 20,857.3    508    100.0       -
--------------------------------------------------------------------------------------

Comments: 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 July 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
--------  -----------  --------  -----------  -----  ----------  ---------
30.06.04      3,271.9  192.5116      3,621.6   7.99      159.13    3,045.8
01.07.04      3,266.1  192.1701      3,656.7   8.02      158.96   24,131.7
02.07.04      3,458.2  191.5429      3,657.5   8.04      158.91    3,128.5
05.07.04      3,506.6  194.8675      3,653.0   7.97      159.40    6,538.6
06.07.04      3,518.6  194.8663      3,651.3   7.97      159.80    2,646.2
07.07.04      3,481.7  194.9486      3,652.7   7.97      159.51    8,894.9
08.07.04      3,449.0  196.8910      3,647.9   8.01      159.29    3,046.9
09.07.04      3,454.6  196.8224      3,648.3   7.98      159.54    8,076.0
12.07.04      3,313.3  197.2078      3,648.8   7.95      159.77    7,368.3
13.07.04      3,469.3  197.0494      3,619.7   7.96      159.75    4,469.1
14.07.04      3,259.4  197.0911      3,605.0   7.97      159.69    9,358.4
15.07.04      3,263.9  197.3051      3,604.2   7.95      159.88    7,996.3
16.07.04      3,313.1  197.0493      3,604.6   7.90      160.16    3,782.7
19.07.04      3,314.3  197.2778      3,605.1   7.80      160.90      158.6
20.07.04      3,273.2  197.5615      3,605.8   7.80      160.91    5,829.9
21.07.04      3,266.5  197.5129      3,607.1   7.83      160.76    2,984.7
22.07.04      3,192.9  197.5248      3,608.8   7.81      160.90    5,505.2
23.07.04      3,265.4  197.0295      3,607.7   7.81      160.97   15,120.3
26.07.04      3,318.4  195.7966      3,603.1   7.78      161.20    2,219.9
27.07.04      3,318.2  196.1963      3,600.6   7.80      161.15    6,832.5
28.07.04      3,308.7  196.4826      3,594.2   7.82      161.04    5,388.6
29.07.04      3,230.4  196.4825      3,596.6   7.84      160.91    7,980.8
30.07.04      3,350.2  196.8707      3,601.3   7.83      161.02   12,299.6
--------  -----------  --------  -----------  -----  ----------  ---------
Trend           +78.4   +4.3591        -20.4  -0.16       +1.89
                +2.4%     +2.3%        -0.6%  -2.0%       +1.2%
--------------------------------------------------------------------------

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. 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.

[2004-08-11]