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]