/KASE, November 4, 09/ - In pursuance of the Exchange Council decision of
May 5, 2009, Kazakhstan Stock Exchange (KASE) from June 1, 2009 started a
pilot on the trading day shortening for "illiquid" shares, during which
mentioned shares will be traded on working days from 15:00 to 17:00 Almaty time.
The mentioned pilot is the KASE step on implementation of the Exchange
Development Strategy for 2007-2010, which stipulates that on "illiquid" shares
KASE must create preconditions for their market activation through ask and bid
concentration, having shortened the trading day on these shares.
The "illiquid" shares list, developed for this pilot, includes shares of 51
denominations.
Details of the pilot was published in the KASE news of May 15, 2009 at
http://www.kase.kz/en/news/show/1073901
Having considered implemented pilot results and statistical data of exchange
securities trading for three consecutive four month periods, the last of which
ended on September 30, 2009, the KASE Council on October 29, 2009
decided to continue the pilot on shortening of the trading day on "illiquid"
shares till December 1, 2009, and from December 1, 2009 to introduce on
KASE the new "illiquid" shares trading mode.
From December 1, 2009 KASE will quarterly form "illiquid" and "liquid" shares
lists, using indicators that will be calculated in compliance with the Exchange
Council approved Methodology of Securities Liquidity Indicators Defining
(hereinafter - the Methodology). Shares of any denomination will be transferred
from the "liquid" to "illiquid" shares list if this denomination shares during
two consecutive calendar quarters will not comply with the Methodology
established maximum acceptable liquidity indicator value. Accordingly, shares
of any denomination will be transferred to the "liquid" shares list in case of
compliance with the mentioned liquidity value during two consecutive calendar
quarters.
Trades in "illiquid" shares will be executed on working days from 15:00 to
17:00 Almaty time, "liquid" - in the standard mode, i.e. from 11:30 to 17:00
Almaty time.
Appropriate changes will be made to KASE internal documents by December 1,
2009.
[2009-11-04]