Market reveiws and recommendations of Financial Company REAL INVEST.KZ (Kazakhstan) analysts on july 29, 2010

/IRBIS, July 29, 2010/ - JSC Finance Company REAL Invest.kz (Almaty,
REAL Invest.kz) provided to IRBIS overview of major developments in
Kazakhstan and the world markets on July 29, 2010.

 JSC Finance Company REAL Invest.kz notes the following significant
 developments on the world stock, commodity and currency market:

 - U.S. and European indexes finished the day lower. Reducing the
   total orders for durable goods in the U.S. and record Fed "Beige
   Book" became the main reasons that caused a record profit. Data on
   orders for durable goods were issued one hour before the opening of
   the American sites, and occurred on June decline by 0.2%, instead of
   the expected growth of 1.2% was the reason for a negative
   conclusion of trading in Europe and a weak opening sites in the U.S..
   Report of the Fed, traditionally published in two hours before the
   closure of the U.S. trading session, this time was painted a
   moderately negative tone - well, according to a report in the U.S.
   economy stagnates, in particular, on the face of declining sales of
   cars, the overall decline in the production and the stagnation of the
   real estate market. Much of the decline of American sites had just the
   afternoon, so after Beige Book, indexes, hold it near floating grades
   have declined on average by half a percentage point.

 - platforms of emerging markets again finished the day different
   directions. Brazil's Bovespa, the Indian BSE and the Russian RTS
   added on the day 0.4% 0.3% and 0.9% respectively, China Shanghai
   Comp fell by half a percentage point. Because of the factor time
   zones, areas of emerging economies have not played yesterday,
   negative, caused by the publication of weak macroeconomic reports
   and report the Fed, and probably will address this now.

 - Wednesday proved to be quite busy at the event day for a barrel
   of oil - after not too successful attempts to increase at the beginning
   of the day, took reduction of quotations by more than half a percent,
   but closed the day held at approximately the level of discovery. Thus,
   the previous day did not introduce certainty regarding the future
   prospects of oil prices - the level at $ 77 and was not traversed in any
   one or the other way.

 - indistinct get the day and an ounce of gold - to change the quote
   on the day of 0,4% is not significant, but analysts of "REAL Invest.kz"
   highlight the fact that the quotes are still below the lower boundary of
   the recent local price range.

 - completely unproductive can be called the previous day for the
   two major currency pairs EUR/USD and GBP/USD, which
   throughout the trading session were in the lateral range, without
   having to make significant effort to overcome the current levels that
   may be associated with a fairly negative dynamics observed in the
   stock sites are not allowed the euro and British pound continue
   upward momentum of recent days. If the assumption is "REAL
   Invest.kz" probably should expect growth of quotations called
   currency pairs, in the event of a return of optimism on the stock and
   commodity platforms.

 Analysts JSC "Finance Company" REAL Invest.kz" also notes the
 following major developments in the Kazakh market:

 - The International Monetary Fund (IMF) expects the current year
   in Kazakhstan, the economic growth at 4.1%. However, the
   situation in the economy and especially in the banking sector remains
   difficult. This is evidenced by a press release circulated by the IMF on
   a regular annual review of the Kazakh economy based on the 4th
   article of the Charter of the Fund.

 - JSC Exploration Production KazMunaiGas including shares in
   the companies' Kazgermunai (MAG), CCEL and PetroKazakhstan
   Inc. (CRP) in the first six months of 2010 has extracted 6,283
   tones of oil (257 thousand barrels per day ), which is 610 thousand
   tons, or 11% more than during the same period in 2009, the company
   said. According to the report, the increase in production due, mainly,
   by the proportion in the production of PetroKazakhstan, this
   amounted to 733 thousand tons. Analysts of REAL Invest.kz believe
   that the news was quite expected by the market and will not affect the
   share prices of KMG EP.

 - judicial decisions with the Kazakh oil company
   Karazhanbasmunai, 50% owned by KMG, the state revenue
   assessed additional customs duty on crude oil and fines totaling
   KZT5.2 billion. The company is accused of violating the customs
   clearance and collection of customs duties on imports and exports of
   petroleum and petroleum products. Analysts of REAL Invest.kz do not
   expect a negative impact on share prices KMG.

 Analysts of "REAL Invest.kz" noted that the most attractive stories
 among the shares of Kazakh companies are RD Kazmunaigas,
 Kazakhtelecom and Halyk Bank. Especially attractive look and EP
 Kazakhtelecom, as both companies are very strong balance sheet with
 low debt burden, the EP's net debt at all negative, ie cash flows of the
 company exceed liabilities. Besides their business generates more free
 cash flow, which allows them to pay a very solid dividends. Dividend
 income on preferred shares of KMG and Kazakhtelecom is 6-8% and 3-
 4% of ordinary shares. Shares of these companies are traded much
 cheaper than the shares of similar companies in other emerging markets.

 This material is for informational purposes and is not an offer or recommendation
 to perform any transaction in securities. Agency IRBIS is not responsible for the
 opinions expressed in this material.

[2010-07-29]