ANALYSIS: In April of 2005 volume of GS purchase and sale deals at KASE decreased by 9.7% to KZT48.0 bn.

/IRBIS, Ranida Gabdeyeva, Andrey Tsalyuk, May 10, 05/ - In April of 2005 at Kazakhstan Stock Exchange (KASE) 232 deals were made in government securities (GS) purchase and sale sector for a total of KZT47,954.5 m. (equivalent of $364.4 m.) or 5.1% of total exchange's turnover of the month (in March - 7.5 %). In comparison with March of 2005 the sector's turnover has decreased by 9.7% in tenge and by 9.9% in dollar terms. Relative to April of 2004 the turnover has decreased by 8.6% in tenge and by 4.1% in dollar terms. In primary market sector an auction on MEUJKAM-180 of the 1st issue KZKAKY150019, MUJ180_0001, KZT1,000.00, KZT14,000.0 m.; April 29, 05 - April 29, 20, floating annual coupon equal to inflation rate in corresponding coupon period) was held. Demand for bonds reached KZT59,965.0 m., having exceeded announced issue volume (KZT14.0 bn.) 4.3 times. Subject of trade was fixed coupon rate, which equaled to 0.00% APR. In the secondary market purchase-sale sector 202 deals were made for a total of KZT33,954.5 m. Relative to March of 2005 the sector's turnover has decreased by 8.56% in tenge and by 9.10% in dollar terms. Statistical indicators of sale-purchase sector in April and turnover's structure are given in the table (in parentheses - comparable figures of the previous month). ---------------------------------------------------------------------------- Yield to maturity for the buyer, %APR Days ----------------------------- Volume, m KZT Number till maturity min max last WA at market price of deals ------------- ---- ---- ---- ----------- ------------------- --------- Discounted GS (KZT): MEKKAM, National Bank's notes - 87.8% (86.8%) of the market ---------------------------------------------------------------------------- less than 8 0.99 5.46 1.00 1.94 (1.68) 9,064.0 34 8 - 14 0.75 2.75 2.37 1.93 (2.12) 4,893.3 26 15 - 28 2.00 2.83 2.21 2.39 (2.30) 11,933.7 44 29 - 36 2.48 2.48 2.48 2.48 (2.37) 99.8 1 37 - 42 2.40 2.40 2.40 2.40 (2.56) 15.2 1 43 - 56 1.95 2.80 2.40 2.36 (2.52) 202.5 9 57 - 63 2.40 2.72 2.40 2.41 (2.80) 509.5 3 64 - 91 2.50 3.00 2.60 2.73 (2.63) 92.7 9 92 - 181 2.81 3.51 2.81 3.00 (2.99) 1,328.1 7 182 - 364 2.22 3.45 3.18 3.23 (3.21) 1,676.2 17 ------------- ---- ---- ---- ----------- ------------------- --------- Total 29,815.1 (32,217.7) 151 (178) ------------- ---- ---- ---- ----------- ------------------- --------- Coupon GS (KZT): MEOKAM - 11.7% (13.2%) of the market ---------------------------------------------------------------------------- less than 730 2.52 3.70 3.39 3.47 (3.11) 1,389.1 17 731 - 1095 3.50 3.78 3.67 3.59 (3.59) 901.1 12 1096 - 1460 3.75 3.75 3.75 3.75 (3.43) 451.7 2 1461 - 1825 5.15 6.87 5.72 5.54 (5.52) 1,134.1 10 1826 - 2190 5.15 5.60 5.20 5.16 (5.43) 106.3 3 ------------- ---- ---- ---- ----------- ------------------- --------- Total 3,982.3 (4,894.3) 44 (40) ------------- ---- ---- ---- ----------- ------------------- --------- Euronotes of Kazakhstan (USD) - 0.46% (0.06%) of the market ---------------------------------------------------------------------------- 736-760 4.15 4.71 4.40 4.63 (4.44) 157.2 7 ------------- ---- ---- ---- ----------- ------------------- --------- Total 157.2 (21.4) 7 (1) ------------- ---- ---- ---- ----------- ------------------- --------- GRANDTOTAL 33,954.5 (37,133.5) 202 (219) ---------------------------------------------------------------------------- Notes: for euronotes (fourth issue) volumes have been calculated at weighted average USD/KZT rate of the Exchange. In April of 2005 stake of the exchange's turnover in total volume of purchase and sale deals made of Kazakhstan secondary GS market decreased to 74.1%. In March it was 92.2%. The analyzed month has not shown anything fundamentally new. Analysts of IRBIS explain falling of exchange's turnover by falling of the stake of exchange's market (se above). The notable peculiarity of the month is predominant growth of yield of GS to maturity on the secondary market, which had been caused by prevalence of securities offer over demand. This situation was provoked by bringing securities to the secondary market on the threshold of MEUJKAM-180 floatation. Besides, the growing (in annual expression) inflation rate influences upon yield. On the reason the considerable part of corporate bonds "observes" this indicator through coupon rates, money outflow from GS market in favor of CS seems to be as typical as temporary. [2005-05-10]