/IRBIS. July 21, 2010/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for July 21, 2010.

Analysts of JSC "BCC Invest" now expect mixed driving dynamics of stock price at the opening of trading on the Kazakhstan stock market in different directions against the closure of the shares and depositary receipts of Kazakhstan issuers yesterday in London. However, JSC "BCC Invest" proposed that during the day dynamics of bidding will be mainly positive and KASE index finish the day in positive territory.

JSC BCC Invest also note the following important events in Kazakhstan market:

- July 20, 2010 in the trade system of KASE, a specialized auction on placement of government treasury bonds, Ministry of Finance of the Republic of Kazakhstan MEUKAM-156 of the second issue with maturity of 13 years (4,680 days) and frequency of coupon payment times a year. The volume of placement was 13 million bonds worth KZT13 billion (100% of plan), the yield to maturity (coupon rate) - 6.5% APR. In total active bids on pension market entities had 27.1%, the share of Kazakhstan's second-tier banks (BWI) - 57.3%, clients BWI - <0.1%, broker-dealers - 3.6%, their clients - 12.0%. According to data of the Central Securities Depository all deals on accommodation MEUKAM-156 second edition by the end of calculations based on trades executed. 43.6% of the total volume of placed bonds purchased by entities pension market, 41.1% - BWI, 4.6% - broker-dealer companies, 10.7% - by customers of broker-dealer companies. Sold by the Ministry of Finance MEUKAM automatically admitted to trading on the secondary market of KASE under the trading code MUM156_0002. This bond must be quoted in the trade system of KASE in net prices.

- July 22, 2010 in the trade system of KASE held special auctions on placement of government medium-term treasury bills of the Ministry of Finance of the Republic of Kazakhstan MEOKAM-48-of 48 issue with maturity of 4 years (1440 days) and frequency of coupon payment 2 times a year. Estimated volume of accommodation - 13 billion tenge. The subject of bargaining will be the coupon rate.

- The company Dragon Oil PLC announced the completion of drilling and initial testing of wells 13/144 and 28/146, as well as lateral drilling wells in the area A/129 Jeitun (LAM). Bore 13/144 Platform Jeitun (LAM) 13 was drilled to a depth of 3,434 meters with a drilling rig Rig, 40 initial tests showed the flow rate at 1,809 barrels of oil per day. The drilling rig Rig 40 will be mounted on the platform 13 and will continue to be used for the treatment of wells. Bore 28/146 Platform Jeitun (LAM) 28 was drilled to a depth of 3,200 meters with a drilling rig NIS Rig, initial tests showed the flow rate at 2,311 barrels of oil per day. The rig NIS Rig mobilized for the next slot, the platform 28 and started drilling wells 28/147. Iran Khazar rig has completed drilling of the lateral A/129 platform Jeitun (LAM) A, additional well production amounted to 1,140 barrels per day. Iran Khazar rig mobilized to the platform Jeitun (LAM) B and will start drilling wells B/148 after planned maintenance work and repairs. Thus, from the beginning of the year were drilled six new wells. The company plans to end of 2010 to implement the plan on drilling 11 wells. Dragon Oil PLC will publish interim results for 1 half of 2010 to Monday, August 9, 2010. According to JSC "BCC Invest", the message is neutral for the stock price Dragon Oil PLC, since it corresponds to the company's plans to implement the drilling operations in 2010. JSC "BCC Invest" reiterates the recommendation of "buy" on shares of Dragon Oil PLC with a target price of 600 pence per share.

JSC BCC Invest also note the following important events in wolrd market:

- U.S. market publications relevant macroeconomic statistics is not expected publication of corporate reports for the second quarter will continue.

Analysts of BCC Invest JSC are giving the following advice for investors in securities of issuers in internal market:

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Issuer                    Last price Target Predicted price.
                  code                price                % Recom-
                                                             mendation
----------------- ------- ---------- ------ ---------------- ---------
Kazkommertsbank   KKGB           372    479           +28.76 Neutral
                  KKGBp          209    335           +60.29 Buy
Halyk Bank        HSBK           315    386           +22.54 Buy
Bank CenterCredit CCBN           520    734           +41.15 Buy
Tsesnabank        TSBN           970    737           -24.02 Cut
KazMunaiGaz       RDGZ        16,950                         Review
Kazakhmys PLC     GB_KZMS      2,241  3,135           +39.89 Hold
ENRC PLC          GB_ENRC      1,980  2,638           +33.23 Buy
Kazakhtelekom     KZTK        14,950 19,200           +28.43 Buy
                  KZTKp        7,040  9,300           +32.10 Buy
MREK              MREK         1,000  1,130           +13.00 Hold
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The given material has exclusively information character and is not the offer or recommendation to make any transactions with the stocks. Agency Irbis doesn't take responsibility for the opinions which are in given material.

[2010-07-21]