ANALYSIS: In May of 2005 volume of GS purchase and sale deals on KASE grew 1.5 times to KZT74.3 bn.

/IRBIS, Ranida Gabdeyeva, Andrey Tsalyuk, June 6, 05/ - In May of 2005 on Kazakhstan stock exchange (KASE) 230 deals were made in government securities (GS) purchase and sale sector for a total of KZT74,262.9 m. (equivalent of $563.7 m.) or 8.2% of total exchange's turnover of the month (in April - 5.1%). In comparison with April of 2005 the sector's turnover has increased 1.5 times in tenge and 1.5 times in dollar terms. Relative to May of 2004 the turnover has increased 2.2 times in tenge and 1.9 times in dollar terms. In primary market sector an auction on MEOKAM-60 of the 26th issue (KZK2KY050260, MOM060_0026, KZT1,000.00, KZT16,000.0 m.; May 25, 05 - May 25, 10, semi-annual coupon, 4.05% APR, 30/360) was held. Demand for bonds reached KZT51,238.3 m., having exceeded announced issue volume (KZT16.0 bn.) 3.2 times. Subject of trade was fixed coupon rate, which equaled to 4.05% APR. In the secondary market purchase-sale sector 191 deals were made for a total of KZT58,262.9 m. Relative to April of 2005 the sector's turnover has increased 1.7 times in tenge and 1.7 times in dollar terms. Statistical indicators of sale-purchase sector in May 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 - 95.4% (87.8%) of the market ---------------------------------------------------------------------------- less than 8 0.69 2.92 0.69 1.36 (1.94) 5,089.5 22 8 - 14 0.70 2.40 0.70 1.53 (1.93) 1,897.9 15 15 - 28 1.98 2.90 2.00 2.50 (2.39) 47,062.8 84 29 - 36 2.35 2.47 2.47 2.46 (2.48) 34.1 2 37 - 42 2.50 2.50 2.50 2.50 (2.40) 34.9 1 43 - 56 2.40 3.05 2.85 2.55 (2.36) 653.9 10 57 - 63 2.40 2.50 2.50 2.49 (2.41) 29.1 4 64 - 91 2.45 2.85 2.85 2.80 (2.73) 127.4 3 92 - 181 2.40 2.40 2.40 2.40 (3.00) 11.9 1 182 - 364 3.17 3.33 3.18 3.19 (3.23) 625.6 9 ------------- ---- ---- ---- ----------- ------------------- --------- Total 55,567.1 (29,815.1) 151 (151) ------------- ---- ---- ---- ----------- ------------------- --------- Coupon GS (KZT): MEOKAM - 4.6% (11.7%) of the market ---------------------------------------------------------------------------- less than 730 1.49 3.75 3.31 3.42 (3.47) 636.4 16 731 - 1095 3.75 3.75 3.75 3.75 (3.59) 3.5 1 1096 - 1460 3.90 3.90 3.90 3.90 (3.75) 41.9 1 1461 - 1825 3.75 5.70 5.70 4.55 (5.54) 908.1 12 1826 - 2190 4.10 5.70 5.60 5.65 (5.16) 1,076.3 8 ------------- ---- ---- ---- ----------- ------------------- --------- Total 2,666.2 (3,982.3) 38 (44) ------------- ---- ---- ---- ----------- ------------------- --------- Euronotes of Kazakhstan (USD) - 0.1% (0.5%) of the market ---------------------------------------------------------------------------- 701-719 4.11 4.27 4.11 4.15 (4.63) 29.5 2 ------------- ---- ---- ---- ----------- ------------------- --------- Total 29.5 (157.2) 2 (7) ------------- ---- ---- ---- ----------- ------------------- --------- GRANDTOTAL 58,262.9 (33,954.5) 191 (202) ---------------------------------------------------------------------------- Notes: for euronotes (fourth issue) volumes have been calculated at weighted average USD/KZT rate of the Exchange. In May of 2005 stake of the exchange's turnover in total volume of purchase and sale deals made of Kazakhstan secondary GS market increased to 81.6%. In April it was 74.1%. The market has not changed much relative to April. Volume of transactions grew due to growth of the primary market's turnover, where the National Bank again made big-volume borrowings, This caused activation of notes resale on KASE that was the major factor, which influenced upon growth of exchange's deals volume. As the table shows, yields of GS traded on KASE varied in May differently and insignificantly as the whole. [2005-06-06]