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Market and Company News
09.06.2005 11:08

ANALYSIS: In May of 2005 volume of CS purchase and sale deals on KASE grew 1.7 times to $226.1 m.

/IRBIS, Assel Omarova, Andrey Tsalyuk, June 9, 05/ - In May of 2005 on the Kazakhstan stock exchange (KASE) 538 deals were made in corporate securities (CS) in all sectors of the market (excluding repo-transactions sector) for a total of KZT29,716.8 m. or $226.1 m. at the current rate effective on deals making dates. The stated sum is 3.3% of monthly exchange turnover (in April of 2005 - 1.9%). This is the record high monthly CS turnover in year 2005.

In comparison with April of 2005 volume of transactions has grown by $93,598.1 th. (by KZT12,321.7 m.) or 1.71 times (1.71 times in terms of tenge). Relative to May of 2004 trade volume has decreased by $49,679.3 th. (KZT7,942.6 m.) or by 18.0% (21.1% in terms of tenge).

Specialists of IRBIS think major factor, which caused growth of exchange's transactions in CS in May, was the increased issuing activity of Kazakhstan companies (mainly - issues of bonds). This has positively influenced upon the turnover of exchange's primary market as well as on secondary one, where investors restructured their portfolios for new securities. A certain role was played by some big deals in ATFBp8, a part of which was concerned with money market transactions, and another part - with changing of the staff of shareholders of ATBank JSC.

Structure of CS turnover on KASE in May is presented in the following way: 6.6% of transactions volume ($14,822.9 th.) fell to the stake of primary floatations, 93.4% ($211,257.9 th.) - to the stake of purchase and sale sector. Structure of exchange's CS market in April of 2005 was as follows: 3.4% of transactions volume ($4,547.9 th.) fell to the stake of primary floatations, 96.6% ($127,934.8 th.) - to the stake of purchase and sale sector.

SHARE MARKET

Turnover of this segment fell in May by 14.5% or by $11.5 m. to the equivalent of $67.6 m. Number of shares involved into deals in May fell from 31 to 28, and number of deals fell from 210 to 175.

In the analyzed period 48.6% of deals in shares in quantitative expression and 25.2% in volumetric expression were direct. Corresponding indicators of April - 63.8% and 79.7%.

5% of total number of shares, which were included in KASE's trade lists as of the end of May of 2005 (i.e. 4 shares - ATFBp8, HSBK, CCBN and HSBKp1), formed 75.2% of exchange's turnover of share market, including IPO. Similar indicator of April - 78.3%, March - 68.1%.

May's "Top-5" leading by volume of made transactions comprised: ATFBp8 (31.3% of share turnover), HSBK (21.2%), CCBN (13.3%), HSBKp1 (9.4%) and ASBNp1 (7.3%). In comparison with April only ATFBp8 and CCBN have preserved their positions. In April first 5 positions belonged to ATFBp8 (47.5%), VTBN (13.8%), CCBN (10.0%), BTAS (7.0%) and KKGBp (3.9% of the whole share market).

By the number of executed deals, the indicator, which adequately reflects shares' liquidity, the leader in May was ALKS (22 deals) was the leader. It was followed by CCBN (20), HSBK (14), ZERD (14) and KKGBp (14). In April first five positions of the rating comprised VTBN (42), KKGBp (32), CCBN (15), ZERD (14) and NFBN (11).

Within the month weighted average daily prices of 15 shares out of 28 ones involved into deals grew, prices of 4 shares fell, prices of 7 shares remained on the same level (there was nothing to compare prices of 2 shares with). KZZN grew most highly (2.0 times), ATFBp and KZCR fell most deeply (by 33.3%).

Growth of KASE_Shares in May (table below) was supported mainly by demand quotations for HSBK, KZZN, TEBNp, TEBN, ASFI, VTBNp, ATFB, AMGZ. It should be noted that only VTBN showed negative dynamics of demand prices among all shares included in the representative list of KASE_Shares.

CORPORATE BOND MARKET

Relative to April 2005 volume of deals has grown 3 times (by $105,056.9 th.) to $158.4 m. Range of securities involved into deals expanded to 54 (43 - in April), number of deals has grown from 307 to 363. The stake of direct deals was 8.8% of transactions in quantitative expression and 6.8% in volumetric. In April - 23.8% and 7.1%.

5% of bonds, which were included in KASE's trade lists as of the end of May (5 securities - BTASb4, ASBNb4, NRBNb4, ASFIb5 and ATFBb4), formed 51.8% of the exchange's turnover including primary offerings. Similar indicator of market's concentration in April was 47.1%, in March - 59.2%. In May 30 instruments had higher than USD1 m. turnover (in April - 16). BTASb4 were leading by the number of made deals (27 deals). Then followed ALKSb2 (26), CSBNb4 (21), PRKRb1 (21) and TEBNb2 (20). In comparison with April only BTASb4 and TEBNb2 preserved position of leader.

The shown data lets conclude that biggest transactions in May were made in securities of new issues. And the object of active trading was locally underestimated or overestimated bonds. BTASb4 are a bit aside of this summarizing. They are often the object of specific trading concerned with money market transactions.

In May weighted average dirty prices of 25 securities out of 54 ones involved into deals grew, prices of 24 - fell. There was nothing to compare prices of 5 bonds with. ALKSb2 grew most highly (by 4.9%), KZIKb6 fell most deeply (by 8.5%). No bond showed growth of weighted average daily dirty prices by 5% and more, whereas 2 securities showed a considerable falling of prices. Yields of 24 bonds to maturity for a buyer grew in May, yields of 25 - fell.

The mentioned price parameters were adequately reflected in the dynamics of KASE_B* indexes (table below).

Below are statistical and supplemental information characterizing the CS market on KASE in May of 2005.

Change of KASE's securities lists in May of 2005 (by the end of month, change for the month)

--------------------------------------------------------
                   Shares:         Bonds:       Issuers:
Category of  ------  -----  ------  -----  ------  -----
admission    number  trend  number  trend  number  trend
-----------  ------  -----  ------  -----  ------  -----
A                47     +1     106     +5      55     +1
B                38     -1       5     -3      33     -2
-----------  ------  -----  ------  -----  ------  -----
A+B              85      0     111     +2      86      0
-----------  ------  -----  ------  -----  ------  -----
N                 3      0       0      0       3      0
-----------  ------  -----  ------  -----  ------  -----
TOTAL            88      0     111     +2      87      0
--------------------------------------------------------

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

Most tradable CS on KASE in May of 2005 (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      %       %
-------- --------------------------- --------- -------- ------ ------ -------
ATFBp8   ATFBank OJSC                 21,162.0  2,773.1      4    9.4   +3.60
BTASb4   Bank TuranAlem JSC           21,028.8  2,762.7     27    9.3   +0.44
ASBNb4   Alliance Bank JSC            19,544.3  2,581.6      7    8.6       -
NRBNb4   Nurbank JSC                  16,327.3  2,142.9      9    7.2   +0.43
ASFIb5   Astana-Finance JSC           14,439.8  1,897.8     16    6.4   +1.35
HSBK     Halyk savings bank of
         Kazakhstan JSC               14,349.5  1,893.6     14    6.3  +80.89
ATFBb4   ATFBank JSC                  10,749.9  1,410.4     19    4.8   -3.54
HSBKb5   Halyk savings bank of
         Kazakhstan JSC                9,802.7  1,292.3      2    4.3   -1.36
CCBN     Bank CenterCredit JSC         8,974.0  1,178.4     20    4.0  +47.19
BTAIb5   BTA Ipoteka JSC               8,541.4  1,129.3      6    3.8       -
CSBNb5   BANK CASPIAN JSC              7,216.0    948.9      9    3.2   +2.18
HSBKp1   Halyk savings bank of
         Kazakhstan JSC                6,384.0    836.0      5    2.8       -
ASBNp1   Alliance Bank JSC             4,939.8    644.9      2    2.2       -
KZNHb2   Kazneftehim JSC               3,524.6    461.0      2    1.6   +0.57
VTBN     Valut-Tranzit-Bank JSC        3,255.0    429.5     13    1.4   +7.51
TXBNb3   TEXAKABANK JSC                3,151.9    414.0      3    1.4   -0.33
KZIKb7   Kazakhstan Mortgage
         Company JSC                   2,708.2    357.2      4    1.2   +2.17
KZIKb6   Kazakhstan Mortgage
         Company JSC                   2,615.8    341.5      2    1.2   -8.46
ALKSb2   Almaty Kus OJSC               2,530.0    332.3     26    1.1   +4.91
HSBKb2   Halyk savings bank of
         Kazakhstan JSC                2,393.1    315.0     10    1.1   +2.88
ATFBb3   ATFBank JSC                   2,278.7    298.4      2    1.0   -3.42
CCBNb7   Bank CenterCredit JSC         2,266.6    300.1      1    1.0       -
CSBNb6   BANK CASPIAN JSC              2,235.5    291.2      1    1.0       -
KZIKb4   Kazakhstan Mortgage
         Company JSC                   2,152.0    281.1      1    1.0   +3.90
KKGBb2   Kazkommertsbank JSC           2,131.9    279.1      8    0.9   -0.16
ROSA     ROSA JSC                      2,084.5    272.8      4    0.9   -6.35
CSBNb4   BANK CASPIAN JSC              2,067.0    272.3     21    0.9   -0.40
CSBNb3   BANK CASPIAN JSC              2,021.4    264.1      4    0.9   +3.62
KZIKb1   Kazakhstan Mortgage
         Company JSC                   1,940.7    253.5      2    0.9   -1.50
ORDBp    Corporation Ordabasy JSC      1,664.9    220.6      5    0.7       0
KZASb2   KOSTANAY
         MINERALS JSC                  1,553.8    203.9     10    0.7   +1.44
GLOTb1   GLOTUR JSC                    1,541.2    201.7      1    0.7       -
BTAIb3   BTA Ipoteka JSC               1,468.7    192.8      2    0.6   +0.77
KZIKb2   Kazakhstan Mortgage
         Company JSC                   1,403.5    185.2      3    0.6   -0.11
HSBKb8   Halyk savings bank of
         Kazakhstan JSC                1,302.4    171.8      1    0.6   +0.32
KZTK     Kazakhtelecom JSC             1,265.7    165.0      5    0.6  +14.56
NFBN     Neftebank OJSC                1,216.0    160.7      5    0.5       0
CSBNb2   BANK CASPIAN JSC              1,153.6    152.7      3    0.5   -2.56
TEBNb3   Temirbank JSC                 1,143.7    151.3      1    0.5   -4.02
ROSAb1   ROSA JSC                      1,014.6    134.2      3    0.4   -3.63
KZIKb5   Kazakhstan Mortgage
         Company JSC                     799.8    105.4      2    0.4   +0.66
NRBNb3   Nurbank OJSC                    744.4     97.0      1    0.3   +1.05
KZIKb3   Kazakhstan Mortgage
         Company JSC                     740.5     97.5      2    0.3   -3.54
KZTCb1   KazTransCom OJSC                650.6     85.8      2    0.3   +1.73
ASFIb3   Astana-Finance JSC              538.6     71.2      1    0.2   -3.56
ATFBp    ATFBank JSC                     533.4     70.0      1    0.2  -33.33
KZTOe1   KazTransOil JSC                 523.6     68.5      2    0.2   -2.97
ORDB     Corporation Ordabasy JSC        474.5     62.1      7    0.2  +11.11
CCBNb3   Bank CenterCredit JSC           377.6     50.0      3    0.2   -4.87
ARNAb1   ARNA OJSC                       318.0     41.9      3    0.1   +0.85
ASBNb2   Alliance Bank JSC               305.8     40.0      3    0.1   -3.88
ALKS     Almaty Kus OJSC                 258.4     34.1     22    0.1  +25.00
ZERD     Zerde OJSC                      249.2     32.7     14    0.1   +0.71
BTASb3   Bank TuranAlem JSC              234.5     30.8      1    0.1   -3.83
HSBKb    Halyk savings bank of
         Kazakhstan JSC                  233.3     30.5      7    0.1   +0.63
AMGZp    CNPC - Aktobemunaygas OJSC      196.9     25.9      2    0.1  +52.78
VTBNp    Valut-Tranzit-Bank JSC          192.5     25.4      5    0.1   +3.33
VTZL     Kazyuvelirprom JSC              172.7     22.6      8    0.1  +46.67
CCBNb1   Bank CenterCredit JSC           129.0     17.0      1    0.1   +3.05
KZZN     KAZZINC JSC                     122.4     16.2      7    0.1 +103.29
KKGBp    Kazkommertsbank JSC             103.5     13.6     14   0.05       0
PRKRb1   Food contract                                           0.04
         corporation JSC                  93.7     12.3     21          -6.98
ASBNb3   Alliance Bank JSC                84.6     11.1      2   0.04   -1.64
TEBNb2   Temirbank JSC                    80.6     10.6     20   0.04   +2.65
KZALb1   Mining-smelting concern                                 0.03
         Kazakhaltyn JSC                  72.7      9.6     20          +0.35
ORDBb1   Corporation Ordabasy JSC         69.4      9.1      3   0.03   +1.63
TXBNb2   TEXAKABANK OJSC                  54.4      7.2     20   0.02   -0.66
BTASb2   Bank TuranAlem JSC               47.2      6.2      1   0.02   +3.01
HSBKb3   Halyk savings bank of                                   0.02
         Kazakhstan JSC                   37.4      4.9     19          -4.30
KZPSb1   Kazpost JSC                      27.3      3.6     19   0.01   +0.09
ASBN     Alliance Bank JSC                17.8      2.3      2   0.01  +29.00
TSBN     Tsesnabank JSC                   15.3      2.0      2   0.01       0
RGBRb3   RG Brands JSC                    14.6      1.9      1   0.01   +0.36
ASFIb4   Astana-Finance JSC                9.3      1.2      2  0.004   -1.00
CSBNp    BANK CASPIAN JSC                  5.8      0.8      2  0.003  +50.00
KZCR     TNC Kazchrome OJSC                3.2      0.4      1  0.001  -33.33
KZTKp    Kazakhtelecom JSC                 1.1      0.2      1  0.001  -20.03
KZCRp    TNC Kazchrome OJSC                0.9      0.1      4 <0.001       0
BTASb1   Bank TuranAlem JSC                0.6      0.1      1 <0.001   -1.43
ALKZp    Aluminium of Kazakhstan JSC       0.5      0.1      3 <0.001       0
TEBN     Temirbank JSC                     0.3     0.04      2 <0.001   +0.32
ALKSp3   Almaty Kus OJSC                  0.04     0.01      1 <0.001       0
-------- --------------------------- --------- -------- ------ ------ -------
TOTAL    82                          226,080.8 29,716.8    538  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 exchange's CS market in May of 2005

------------------------------------------------------------------------
          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
--------  -----------  ------  -----------  -----  ----------  ---------
29.04.05      4,367.6  265.90      6,259.4   7.46      174.62   18,659.7
03.05.05      4,370.2  275.96      6,338.5   7.47      175.27   11,758.5
04.05.05      4,389.5  283.24      6,343.1   7.43      175.06    3,613.4
05.05.05      4,361.0  282.51      6,345.4   7.43      175.08    1,624.9
06.05.05      4,377.4  285.40      6,354.6   7.44      175.14    8,435.1
10.05.05      4,379.2  284.85      6,363.5   7.39      175.78    4,697.2
11.05.05      4,371.2  284.68      6,446.5   7.46      175.08   18,001.1
12.05.05      4,356.2  287.53      6,439.3   7.43      175.44   11,474.3
13.05.05      4,439.0  288.33      6,425.2   7.46      175.16    8,657.6
16.05.05      4,449.3  286.39      6,426.8   7.43      175.47    8,197.9
17.05.05      4,461.6  286.81      6,430.4   7.44      175.47   22,568.8
18.05.05      4,556.4  287.40      6,441.4   7.45      175.43   18,053.5
19.05.05      4,776.9  288.79      6,436.4   7.42      175.65    6,925.8
20.05.05      4,764.7  292.25      6,426.7   7.45      175.44   12,268.9
23.05.05      4,780.6  289.25      6,410.4   7.45      175.59   17,015.7
24.05.05      4,784.0  289.30      6,407.1   7.45      175.63   10,700.6
25.05.05      4,770.5  287.29      6,392.7   7.47      175.56    6,538.3
26.05.05      4,854.7  290.23      6,385.5   7.43      175.79   15,300.5
27.05.05      4,854.8  288.80      6,386.1   7.42      175.88   17,335.4
30.05.05      4,848.9  300.49      6,383.0   7.45      175.85   10,401.3
31.05.05      4,873.5  300.27      6,399.5   7.45      175.81   12,512.0
--------  -----------  ------  -----------  -----  ----------  ---------
Trend          +506.0  +34.36       +140.1  -0.01       +1.19          ,
               +11.6%  +12.9%        +2.2%  -0.1%       +0.7%          ,
------------------------------------------------------------------------

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 on KASE's specialized trades but it doesn't take into account repo transactions.

[2005-06-09]