/IRBIS, September 6, 2010/ - Finance & Investment House RESMI JSC (Almaty, IFH RESMI) provided IRBIS overview of major events and their investment ideas and projections for September 6, 2010.

Analysts of IFH RESMI are paying attention to investors on the following important events in the markets now:

- Positive statistics of U.S. move up markets. At the end of the week American statistics has presented a pleasant surprise for market participants. U.S. Department of Labor disclosed on the labor market of the country in August. The unemployment rate in the U.S. up to August increased by 0.1% to 9.6% as analysts had expected. Number of jobs in non-agricultural sectors of the country was reduced by up to August 54 thousand promulgated statistics proved to be much better than market forecasts. Analysts polled by Reuters, on average, had expected to reduce the number of jobs in non-agricultural sectors of the country's 110 thousand according to the report U.S. Department of Labor, a reduction in the number of jobs in non-agricultural sectors of the country up to August due to the termination of temporary employees engaged by the authorities in the spring for census. While private companies continue to recruit new staff. Since last December, the number of new jobs in the private sector increased by 763 thousand, the report says. In addition, the good news can be considered reducing the number of Americans looking for work over a long period of time. In August, these people became less at 323 thousand, the document said. Of the total number of unemployed about 42% can be attributed to those who are looking for work for a long time (27 weeks or more). Against this background of market statistics have shown positive dynamics and values of major U.S. and European indices rose on Friday within 1-1.5%. On Monday, U.S. stock exchanges will be closed to celebrate the Day of workers. Analysts of IFD "RESMI" suggest the influence of positive macro to continue in the beginning of the week.

- Banks continue to buy debt instruments of "problem" countries of the Euro zone. Despite the worsening situation with the debt crisis in Greece and some other Euro zone countries this year, banks have continued to resort purchase of debt instruments of European countries. According to the Bank for International Settlements, commercial banks have increased the amount of credit that they have provided governments and the private sector in Greece, Ireland, Portugal and Spain in the first quarter of 2010 to 4.3 percent, or $ 109 billion infusion of additional credit from commercial banks, brought the total amount of the portfolio of debt instruments of four countries at the disposal of commercial banks, to $ 2.6 trillion. European banks were more active in the acquisition of sovereign debt securities of the above four countries, rather than American banks. Probably, the reason for more active policy of European banks to purchase debt securities by Euro-zone countries of concern is the fact that the Euro-zone banks may use these financial instruments as collateral when borrowing from the European Central Bank (ECB) at a lower rate. The ECB kept the key refinancing rate at a record low of 1%. Banks take this opportunity to lay the debt securities of four countries in the Euro zone the ECB, low-interest, were able to bring liquidity to a sufficiently high level. Obviously, the ECB has urged commercial banks to buy bonds of the euro area, using various preferential arrangements. Germanic and French commercial banks most have resorted to lending to troubled countries in the Euro zone. The volume of gross risky loans to banks in Greece France amounted to $ 111.6 billion; including $ 27 billion went to buy sovereign debt securities. The remainder of the loans went to the lending business, individuals and derivative contracts. Germanic Greek banks have allocated $ 51 billion, $ 23.1 billion of which went to the purchase of government bonds. In the assets of American banks amount of Greek sovereign debt bonds amounted to $ 5.4 billion. Analysts of IFD "RESMI" believe that with further resolution of debt crises of the euro area, banks will become more willing to lend to each other, which ultimately will provide the region's economy with sufficient credit facilities. Ultimately, this should have positive impact on business activity in Europe and in the whole world. It is likely that the three-month interbank lending rate LIBOR will continue its fall against the announcement of a positive forecast for global growth, delivered by officials of the Greater Twenties. "

Analysts of IFH RESMI give the following advice for investors in securities of issuers in Kazakhstan:

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Issuer             Last price Predicted price* Up/down from   Target  RSI.
                                               Current price price**  %***
------------------ ---------- ---------------- ------------- ------- -----
Kazkommertsbak            388              796        105.2%     385 45.16
Halyk bank                313              409         30.7%     362 48.70
Bank Center Credit        548            1,218        122.3%     899 54.16
ENRC                    2,000           On review              2,679 45.87
Kazakhmys               2,849           On review              3,231 56.40
RD KMG                 15,900           24,895         56.6%  23,524 35.22
Kazkhtelekom           14,020           33,842        141.4%  33,825 42.90
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    Fundamental evaluation IFH RESMI for 12 months (weekly review)
**  Target according to the consensus forecast of analysts surveyed by Bloomberg
*** Relative strength index - an indicator of technical analysis. determines
    strength of trend and likelihood of change. Overbought / oversold - when
    RSI indicator value is closer to 100% / 0%.

• Cost of common shares Kazkommertsbank assessment IFD "RESMI" will cost no less than KZT796 per share by the end of 2010;
• Halyk Savings Bank of Kazakhstan is estimated IFD "RESMI" as the most promising in terms of business development financial institution in Kazakhstan. Analysts see the growth of the bank's shares up to KZT409 per share;
• Shares of Bank CenterCredit in the long term analysts IFD "RESMI" about the outlook for growth in securities of the bank to the level of 1.230 m.;
• Stocks of Kazakhtelecom are looking most attractive for investment in the long term. Analysts IFD "RESMI" recommend buying simple shareholders of the issuer.
• The updated target price of shares of JSC Exploration Production KMG is KZT24.895 per share.

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.

[2010-09-06]