Market reveiws and recommendations of Financial Company REAL INVEST.KZ (Kazakhstan) analysts on September 9, 2010

/IRBIS, September 9, 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 9, 2010.

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

- Bidding on the main market of USA and Europe once again resulted
  in a moderate growth. Successful placement of government bonds of
  Portugal, as well as statements by leading U.S. economists that, despite
  the apparent slowdown in global economic recovery, prospects for the
  beginning of the "second wave" of recession is still very small - the factors
  that supported the Western codes. The economic slowdown of U.S. noted
  Fed. officials too, however, given that the statements of Mr. Bernanke
  were quite restrained, the outcome of the publication "Beige Book" market
  participants rated as moderately positive. Today in the U.S. are data from
  the labor market and changes in trade balance, which, of course, will
  come under scrutiny of market participants.

- codes of emerging markets have completed the past trading day for
  the most part on the negative territory, adding a bit of market
  capitalization, only the Indian BSE, though we note that a decrease in the
  indices were quite modest, and given the traditionally high volatility of the
  regional indices with the final result at the level of -0.1 pp - Actually more
  than modest. Today's ambient background for sites emerging markets
  analysts of "REAL Invest.kz" regard as moderately positive - as a
  supporting factor can make the dynamics of commodity quotes, a
  restraining influence on regional areas can have a lowering of growth
  forecasts for the end of this year the U.S. economy.

- The cost of a barrel of oil added about $ 1, which is equivalent to 1.3
  percentage points. During the session itself quotes "black gold" have
  reached a mark of $ 75 per barrel, but a foothold above the important
  psychological level still failed. From the perspective of technical analysis,
  it is important to overcome the mark of $ 75, focus on a resistance level of
  the last two weeks, but even when taking the turn, saying the resumption
  of the uptrend will be soon.

- troy ounce of gold during the session reached a historic high levels
  at around $ 1265, however, immediately after this quotation "precious
  metal" overtook correction - the predicted "REAL Invest.kz" earlier version
  of events, confirming the thesis that the anti- warrant "bears" were located
  above the level of $ 1,270 per ounce. Analysts of "REAL Invest.kz"
  believe that if the new attempts of traders to establish a new historic
  maximum end up in nothing, quote "noble metal" is expecting a protracted
  correction, which will be energized and more factors than a month of
  continued non-stop growth in the value of gold, as well as improved mood
  market participants caused by the publication of a number of positive
  macroeconomic reports.

- failure, according to "REAL Invest.kz", ended the attempt of the
  currency pair EUR/USD after two days of falls, go back to growth -
  on the day the euro added to the cost of only 0.2 percentage points,
  which can be viewed as a short-term correction in a downtrend. Given the
  fact that even a positive factor in placing state. Bonds Portugal, also
  suffers from excessive budget deficits, and thus being "at risk", failed to
  inspire traders to buy, analysts of "REAL Invest.kz" are more likely to
  expect in the short term, further declines in quotations of the currency
  pair. Few other things are added to the British pound, stray from the
  previous day's level of support to 1,535, and that probably allowed the
  currency pair GBP/USD add up to the last session, the order of 0.7
  percentage points, while growth in the middle of the day reach a level of
  1.1 pp Concerning the future prospects of pounds in "REAL Invest.kz"
  believe determines the level at around 1.55, after reaching which will
  become clear further prospect couples.

 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, i.e. 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.

[2010-09-09]