In August of 2004 volume of CS purchase and sale deals at KASE rose by 1.5 times to $234.1 m.

/IRBIS, Ranida Gabdeyeva, Andrey Tsalyuk, September 7, 04/ - In August of 2004 at the Kazakhstan Stock Exchange (KASE) 509 deals were made in corporate securities (CS) in all sectors of the market (excluding repo- transactions sector) for a total of KZT31,887.2 m. or $234.1 m. at current rate of KASE effective on the day the deals were made. The stated sum takes only 5.1% out of monthly exchange turnover (in July - 3.4%). In comparison with July of 2004 volume of transactions increased by $80.3 m. (KZT11.0 bn.) or 1.52 times (1.53 times in terms of tenge). Relative to August of 2003 trade volume rose by $148.4 m. (KZT19.3 bn.) or 2.7 times (2.5 times in terms of tenge). Structure of CS turnover at KASE in August is presented in the following way: 4.5% ($10,559.7 th.) of conducted deals fell to the stake of primary offerings; stake of purchase and sale sector was 95.5% ($223,500.4 th.). In SBS sector no deals were made. Structure of exchange's CS market in July of 2004 was was follows: the stake of primary offerings was 23.1% of transactions volume ($35,580.9 th.), purchase and sale sector - 76.9% ($118,177.1 th.). As the whole stock exchange's CS market in August was very active. Volume of primary offerings decreased in comparison with July, however it is comparable with average monthly indicator of the current year. The secondary market is surprising with the next big deals in shares of Corporation Kazakhmys JSC, due to which share turnover in August took the second place in the year. It also should be noted that CS market almost does not change at KASE by the quality or changes very slowly. It still demonstrates the high concentration degree, due to well marked favorites. For example, One instrument out of 67 names of instruments involved into CS purchase and sale deals at KASE in August controlled 44.5% of market's turnover, five - 66.9%, and ten instruments - 80.2%. Except rare exclusions (only KZMS), rather high liquidity of favorites estimated by the volume and number of deals made in them, is false for it's formed by the limited number of participants of exchange's trades and mainly by direct deals. This saying may be illustrated by the data of results of analysis of stock exchange's transactions made in August in five most tradable securities (other information on these instruments is given in the table of CS trading ability at KASE, see below): ------------------------------------------------------------------- Stake of direct deals, % Code of ---------------- Number of brokers, Number of enabled instrument quantity volume who made deals depo accounts ---------- -------- ------ ------------------ ----------------- KZMS 68.2 99.7 6 21 ORDB 100.0 100.0 3 21 VTBN* 87.0 42.3 3 25 KZASb2 90.9 93.4 1 14 BTASb4 85.7 99.99 2 8 ------------------------------------------------------------------- * including primary offering One also should take into account the high volatility of traded shares prices, their dependence on deals type (market or direct) and absence of correlation of shares rate with results of their issuers' financial-economic activity. Share market, as was said above, had big volume of transactions. Taking into account primary offering it has reached the equivalent of USD169.7 m, that is чmore than corresponding indicator of July 2.7 times. Reasons are two big direct deals in common shares of Corporation Kazakhmys JSC, which were made at KASE on August 19. The transactions were made with shareholding consisting of 6,083,601 securities that is 24.8% of total number of announced and floated shares, for KZT13.6 bn (equivalent of USD100.0 m). Disregarding these transactions share market's activity in August was in July's level. One can make the same conclusion comparing number of concluded deals and number of names of shares involved into deals by brokers. In price context, August's share market was characterized by predominant falling of securities yields. Weighted average day prices of 12 names of shares out of 22 involved into deals, four shares grew in price, prices of five shares remained unchanged, and there was nothing to compare the rate of ATFBp8 with. VTZL grew most of all (by 28.57%), KKGBp fell most of all (by 25.83%). KASE_Shares index lost 4.3% during the month due to negative dynamics of demand prices for KZMS, VTBNp, VTBN, KKGBp and BTASp. Corporate bond market was notable with the number of securities involved into deals (45 against 39 in July) and with the number of these deals (176 against 136). However volume of transactions fell in August by 29.3%. It's notable that one of five favorites of previous month was out of August's top-5 (see table below). KZASb2 and BTASb4 were leading. Price tendencies of corporate bond market have not changed. Most securities' yield was falling because of growth of their prices that was reflected in the dynamics of KASE_B* indexes. Below is supplemental information characterizing CS market at KASE in August of 2004. Change of the lists of KASE securities in August 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 0 73 +1 49 0 B 33 0 7 0 31 0 ----------- ------ ----- ------ ----- ------ ----- A+B 74 0 80 +1 78 0 ----------- ------ ----- ------ ----- ------ ----- N 2 0 0 0 2 0 ----------- ------ ----- ------ ----- ------ ----- TOTAL 76 0 80 +1 78 0 -------------------------------------------------------- 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 August of 2004 (purchase and sale only, excluding deals in SBS and including primary floatations) ---------------------------------------------------------------------------- Volume of deals: Code Brief ------------------ Num- Market Price of name of th. m. ber of share, change, security issuer USD KZT deals % % -------- -------------------------- --------- -------- ------ ------ ------- KZMS Corporation Kazakhmys JSC 104,108.6 14,186.5 22 44.5 +10.6 ORDB Corporation Ordabasy JSC 14,434.8 1,966.1 45 6.2 -10.7 VTBN Valut-Tranzit-Bank JSC 13,691.7 1,859.8 54 5.8 -22.4 KZASb2 KOSTANAI MINERALS JSC 13,280.5 1,811.4 22 5.7 +2.8 BTASb4 Bank TuranAlem JSC 11,107.9 1,515.8 7 4.7 -0.4 CCBN Bank CenterCredit JSC 7,974.2 1,086.8 18 3.4 -11.1 ALKS Almaty Kus OJSC 7,271.0 990.1 59 3.1 -0.7 UTMK Ust-Kamenogorsk titanium- magnesium combine JSC 5,704.6 774.8 9 2.4 -0.5 HSBKb5 Halyk savings bank of Kazakhstan JSC 5,575.9 762.1 1 2.4 - ATFBb3 ATFBank JSC 4,643.8 631.8 13 2.0 +1.8 VTZLp Kazyuvelirprom JSC 3,870.4 528.1 6 1.7 -13.3 TXBNb2 ОАО "TEXAKABANK" 3,532.0 482.0 15 1.5 +4.1 VTZL Kazyuvelirprom JSC 3,036.0 413.1 32 1.3 +28.6 MREKb1 Mangistau distributing electricity network company OJSC 2,985.0 406.8 6 1.3 +0.1 KKGBp Kazkommertsbank JSC 2,698.8 364.9 2 1.2 -25.8 KZTCb1 KazTransCom OJSC 2,640.0 359.6 5 1.1 +0.6 ASFIb4 Astana-Finance JSC 2,603.0 354.4 14 1.1 +2.6 BTASb2 Bank TuranAlem JSC 2,518.9 343.1 6 1.1 -1.5 TSBNb1 Tsesnabank JSC 2,451.9 334.2 3 1.0 +2.3 VTBNp Valut-Tranzit-Bank JSC 2,172.9 296.1 28 0.9 -1.0 VTZLb1 Kazyuvelirprom JSC 2,024.8 276.6 6 0.9 +4.0 TEBN Temirbank JSC 1,834.6 250.0 2 0.8 +13.7 RGBRb3 RG Brands JSC 1,464.4 199.2 8 0.6 +1.6 ZERD Zerde OJSC 1,140.8 155.3 23 0.5 +12.3 BRKZb1 Development Bank of Kazakhstan JSC 1,036.4 141.3 3 0.4 -2.9 CSBNb4 BANK CASPIAN JSC 1,018.3 139.1 2 0.4 +1.6 ASBNb2 Alliance Bank JSC 846.7 115.5 3 0.4 +0.5 ASFIb2 Astana-Finance JSC 675.2 92.1 5 0.3 +0.6 ARNAb1 ARNA OJSC 609.6 83.0 4 0.3 -5.0 BTAS Bank TuranAlem JSC 565.6 77.0 9 0.2 -12.1 CCBNb3 Bank CenterCredit JSC 552.0 75.4 2 0.2 +2.8 KZALb1 Mining and smelting concern Kazakhaltyn JSC 464.9 63.2 3 0.2 -0.04 HSBKp Halyk savings bank of Kazakhstan JSC 462.1 63.0 2 0.2 -0.6 KZAPb1 NAC Kazatomprom 438.1 59.6 4 0.2 +2.8 ATFBp ATFBank JSC 437.6 59.6 3 0.2 -22.2 KZIKb4 Kazakhstan Mortgage Company JSC 434.1 59.0 5 0.2 +0.6 KARMb2 Karazhanbasmunai OJSC 394.5 53.8 2 0.2 -1.8 HSBKb2 Halyk savings bank of Kazakhstan JSC 320.5 43.7 1 0.1 +2.7 NRBNb2 Nurbank OJSC 300.8 41.1 3 0.1 +3.9 ATFBp8 ATFBank OJSC 292.4 39.8 1 0.1 - BTASb1 Bank TuranAlem JSC 237.0 32.3 3 0.1 +0.1 ASFIb3 Astana-FinanceJSC 229.9 31.3 3 0.1 +1.9 KZIKb2 Kazakhstan Mortgage Company JSC 218.5 29.8 1 0.1 -3.4 KZPSb1 Kazpost JSC 193.0 26.3 3 0.1 +7.9 CHFMb1 Chimfarm JSC 183.6 25.1 1 0.1 +0.04 ROSAb1 ROSA JSC 182.1 24.7 2 0.1 +1.7 TXBNb1 TEXAKABANK OJSC 164.8 22.5 1 0.1 -3.8 HSBKb3 Halyk savings bank of Kazakhstan JSC 160.7 21.9 2 0.1 +1.8 CSBNb3 BANK CASPIAN JSC 149.3 20.4 1 0.1 -0.03 BTAIb1 BTA Mortgage JSC 148.4 20.1 1 0.1 -0.3 NRBNb3 Nurbank OJSC 111.1 15.1 1 0.05 +0.2 TEBNb3 Temirbank JSC 103.9 14.2 2 0.04 +1.6 ATFBb2 ATFBank JSC 84.8 11.5 1 0.04 +2.1 KZIKb6 Kazakhstan Mortgage Company JSC 75.4 10.2 1 0.03 +0.3 HSBKb Halyk savings bank of Kazakhstan JSC 53.7 7.3 2 0.02 +7.0 TEBNb Temirbank JSC 49.9 6.8 1 0.02 -1.5 VTBNb1 Valut-Tranzit-Bank JSC 35.4 4.8 2 0.02 +4.3 HSBK Halyk savings bank of Kazakhstan JSC 24.4 3.3 1 0.01 0 UKPFb1 UST-KAMENOGORSK BATTERY FARM OJSC 13.6 1.9 1 0.01 -5.5 HSBKb4 Halyk savings bank of Kazakhstan JSC 13.5 1.8 1 0.01 -0.1 KZIKb1 Kazakhstan Mortgage Company JSC 5.8 0.8 2 0.002 +2.3 ALKZp Alulminium of Kazakhstan JSC 1.8 0.2 5 0.001 0 RAHT Rakhat OJSC 1.6 0.2 4 0.001 -13.6 KZIKb3 Kazakhstan Mortgage Company JSC 1.5 0.2 1 0.001 +0.3 KZCRp TNC Kazchrome OJSC 0.8 0.1 4 <0.001 0 CSBN BANK CASPIAN JSC 0.1 0.01 2 <0.001 0 CSBNp BANK CASPIAN JSC 0.0 0.01 2 <0.001 0 -------- -------------------------- --------- -------- ------ ------ ------- TOTAL 67 234,060.1 31,887.2 509 100.0 - ---------------------------------------------------------------------------- Comments: The 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 August 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 -------- ----------- ------ ----------- ----- ---------- --------- 30.07.04 3,350.2 196.87 3,601.3 7.83 161.02 12,299.6 02.08.04 3,329.8 196.14 3,601.8 7.79 161.32 6,048.7 03.08.04 3,323.3 195.72 3,602.0 7.79 161.39 6,778.0 04.08.04 3,290.2 195.81 3,602.3 7.79 161.40 5,577.1 05.08.04 3,285.0 195.66 3,601.3 7.79 161.43 2,004.7 06.08.04 3,334.3 196.92 3,600.9 7.78 161.54 9,185.3 09.08.04 3,352.8 196.67 3,606.3 7.74 161.81 2,127.5 10.08.04 3,375.8 196.37 3,613.4 7.72 161.96 4,378.2 11.08.04 3,044.6 193.83 3,614.3 7.75 161.82 9,579.1 12.08.04 2,995.7 193.83 3,612.0 7.90 161.38 2,604.3 13.08.04 3,395.1 179.66 3,616.3 7.91 160.97 7,800.7 16.08.04 2,957.8 177.16 3,614.3 7.91 161.04 1,711.7 17.08.04 2,943.4 176.80 3,605.5 7.88 161.27 5,944.2 18.08.04 2,997.3 187.79 3,602.4 7.89 161.31 5,961.0 19.08.04 3,065.9 187.79 3,599.0 7.89 161.27 108,065.6 20.08.04 3,066.5 188.97 3,596.8 7.86 161.41 7,258.5 23.08.04 3,066.5 188.95 3,597.3 7.85 161.43 423.3 24.08.04 3,057.6 188.91 3,599.3 7.86 161.46 11,001.0 25.08.04 3,026.5 189.14 3,599.7 7.72 161.53 6,725.8 26.08.04 3,173.1 193.87 3,631.8 7.71 161.64 21,203.0 27.08.04 3,192.8 189.14 3,633.9 7.75 161.40 5,924.0 31.08.04 3,184.1 188.31 3,636.5 7.74 161.69 3,758.3 -------- ----------- ------ ----------- ----- ---------- --------- Trend -166.1 -8.56 +35.2 -0.09 +0.67 -5.0% -4.3% +1.0% -1.1% +0.4% ------------------------------------------------------------------------ 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 current market values. In case of the absence of the last figure, face value is used instead. Capitalization of the share market - indicator that reflects the market capitalization of the companies whose shares were included in the official list of the KASE securities. It is calculated on the basis of the number of issued and paid shares and their last market values. In case deals in company's shares are absent its capitalization is equal to zero. 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. [2004-09-07]