Market reveiws and recommendations of Financial Company REAL INVEST.KZ (Kazakhstan) analysts on September 6, 2010

/IRBIS, September 6, 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 September 6, 2010.

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

- the final trading session of the week for U.S. and European sites ended
  positively. As a result of the week also recorded growth of quotations.
  Publication of data from the labor market, according to which the U.S.
  economy in August continued to lose jobs, but more slowly than
  predicted, in particular, the number of jobs outside agriculture in the USA
  in August decreased by 54 thousand, whereas the previously reported
  incidence to 131 thousand, has managed to add a new portion of
  optimism sites. In addition, the data came from the level of unemployment
  in the U.S., who in August was 9.6%, as analysts predicted. Of the
  negative news - reducing the index of business optimism in the service
  sector more than the preliminary forecasts for 2.8 points, but this was no
  longer able to reverse the overall positive background, which provided an
  index growth in Europe by 0.8 percentage points - 1.1 n. subsection, the
  U.S. grew by more than 1.2 percentage points

- was a good week for sites emerging markets, mostly grown up over the
  past five trading sessions. The four BRIC finished the week with the
  following results: Indian BSE added 1.23 percentage points, the Brazilian
  BOVESPA increased by 1.66, the Chinese SSEC added to the
  capitalization of 1.7 percentage points, and the Russian RTS market
  finished the week increase by 3.23 pp Of the positive factors that
  influenced the course of trading, the publication of good macroeconomic
  data from labor markets and the U.S. real estate, as well as data on
  volumes of production orders. The mite has a positive dynamics of
  quotations of primary sites.

- The cost of a barrel of oil up to the auction last week, lost about 1
  percentage point, however, if we drop the quotes in the middle of the
  week by over 3 percentage points, the final result seems to be less
  negative than it seems at first glance. Notably, and were repulsed by the
  prices of "black gold" from the level of support at around $ 72 and the
  mark of $ 75, where the focus level of resistance. In recent weeks, the
  dynamics of a barrel of oil to a significant extent depends on the
  published macro statistics that apparently will be continued at the next
  sessions.

- troy ounce of gold, much of the past week was very close to historic
  highs, but several attempts to overcome it and failed, and therefore, the
  analysts of "REAL Invest.kz" consider the probability of correct quotations
  of the noble metal in the near term, increased. One of the main factors
  that stalled the further growth of gold prices, a return of optimism to the
  market participants that is caused by the publication of a series of
  macroeconomic data, in part to refute the thesis of a complete halt of
  economic growth in the U.S. and moving the world's largest economy
  stagnate. In the short term, subject to no change in external factors,
  "REAL Invest.kz" likely sees at least a short-term correction in gold prices.

- euro-up of the week stronger against the U.S. dollar at 1.17 percentage
  points, while a number of remarkable - broken-off from a support level at
  around 1.26, and second - to end the week above the level of 1,29. The
  British pound, declined on early last week, more than 1 percentage point,
  ended the reporting week, only slightly below the opening level, which is
  located by the way not far from the mark of 1.55.

JSC Finance Company REAL Invest.kz notes the following significant
developments on the Kazakhstan market:

 -  Tax authorities of Kazakhstan have begun an inspection of the MMC
   Kazakhaltyn "for 2007-2008, the report said KazakhGold, which includes"
   Kazakhaltyn. "New tax checks to the period preceding the deal to buy the
   shares KazakhGold Russia Polyus Gold" - noted in the report. As
   reported in late August, KazakhGold announced the launch of an
   unscheduled tax inspection "Kazakhaltyn" for the period 2009-2010.
   Then check did not cover the period when the company operated the
   Asaubaev family.

 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.

[2010-09-06]