Market reveiws and recommendations of Financial Company REAL INVEST.KZ (Kazakhstan) analysts on july 30, 2010

/IRBIS, July 30, 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 30, 2010.

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

 - on Thursday Western stock exchanges were closed again with
   lowered, thus the result of two days was offset by growth in the
   beginning of the week. The U.S. and Europe during the last trading
   session continued to be under negative pressure, caused by the
   release of economic data on Wednesday. In addition, the aid "bears"
   was released a report on U.S. employment, according to which the
   total number of unemployed receiving benefits, last month increased
   by 81 thousand regard to corporate records, because of the
   controversial nature of their publications, analysts of "REAL Invest. kz
   "believe that in general, their influence on the dynamics of the market
   was neutral.

 - platforms on emerging markets once again went on the
   dynamics - the Brazilian Bovespa, together with the Chinese
   Shanghai Composite added, while the Indian BSE and Russia's RTS
   index - on the day fixed reduction. Analysts of "REAL Invest.kz"
   indisputable reason for such an ambiguous character of the dynamics
   considered controversial foreign background established in the West
   grounds, at the same time, quotes, indices emerging markets to some
   extent supported by the jump in oil prices.

 - The cost of a barrel of oil on the day grew by 1.5%, while in the
   first half of the day consisted of more than two percent spurt quotes,
   probably caused by technical factors, such as touch the support level
   at around $ 76.5. Additional surprisingly similar dynamic is another
   reason that the stock markets at this point quite clearly dominated by
   a negative, and the moment of sudden spurt of oil quotations, indexes
   U.S. just has accelerated in the opposite direction. In general, the
   cost of a barrel of oil once again managed at arm's length closer to
   the mark at $ 79, and it is possible that it is today traders will try to
   test it.

 - The cost of an ounce of gold added, approximately one half a
   percent, while another is not too marked an attempt to overcome the
   mark of $ 1,170 was not successful. Trading volume slipped back to
   its lowest level, due to switching of market participants to more
   interesting and potentially profitable assets, amid the ongoing
   corporate reporting season.

 - An important achievement of the "REAL Invest.kz" considers
   currency attack of pair EUR/USD mark of 1.30, and thus the
   achievement of a new three-month maximum. During the session
   the quotations reached the level of 1.31, followed by a mild correction,
   but the euro has still managed to gain a foothold above the level of
   1.30, had remained inaccessible for the past 10 sessions. The
   prospects of the currency pair, according to "REAL Invest.kz", yet do
   not look the same - analysts of "REAL Invest.kz" believe that mark in
   1.30 will not be delivered "bear" without a fight, at the same time, the
   following important resistance level is a mark of 1.35 which
   represents a five-month maximum, and this circumstance in some
   measure probably will encourage market participants on the
   achievement of this level.

 - British pound, despite the end of the day near the levels of its
   beginning, has also reached an important goal, resist above the
   mark to 1.56, with a sufficiently negative, accompanied traded on the
   stock and commodity areas. Analysts of "REAL Invest.kz" think that
   there are substantial barriers to achieving short-term notes at 1.60 in
   the pound is not, however, given the usual for this currency pair,
   increased volatility does not rule out the numerous quotations of
   correction that may accompany the achievement of a pound mark of
   1.60.

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

 - Corporation Kazakhmys produced in January-June 2010 165.1
   thousand tons of copper cathode against 173.8 thousand tons in
   the corresponding period in 2009, said the corporation. Thus,
   copper production declined during the period by 5%. Meanwhile,
   copper cathode production from own concentrate amounted to 164.3
   thousand tons and 170.1 thousand tons respectively, copper rod -
   17.9 thousand tons and 4.7 tons. Production of copper concentrate in
   the January-June 2010 amounted to 170.6 thousand tons against
   178.4 thousand tons in January-June last year, mining copper ore -
   16.236 million tons and 16.013 million tons, respectively. In turn,
   production of gold in the first half of 2010 67.1 million ounces against
   73.2 million ounces in the corresponding period in 2009, excluding
   tolling - 62.4 million ounces and 67.9 million ounces, silver - 6.697
   million ounces against 9.147 million ounces, respectively. Zinc in
   concentrate was produced 80.9 tones against 76.4 thousand tons.
   The results of the report were quite expected the market, so "REAL
   Invest.kz" does not expect to change quotes

 - Financial Police Kazakhstan revealed no violations in the audit
   of commercial bank CenterCredit. "As stated in the formal
   confirmation of the Financial Police, any violations, resulting in
   material damage to the bank, have been identified," - says the
   message of fin. Institutes. Analysts of "REAL Invest.kz" expect a
   positive effect on the quotations of bonds and shares of the bank.

 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.

[2010-07-30]