/SUPPLEMENTED/ ON JULY 18 KASE SUSPENDED TRADES IN KAZKOMMERTSBANK (KAZAKHSTAN) COMMON SHARES KZ1C00400016 (KKGB) DUE TO THEIR PRICE REDUCTION BY 77.05 %
18.07.14 13:44
/KASE, July 18, 14, third paragraph was added/ – Today at 11.40 a.m. Almaty
time, Kazakhstan Stock Exchange (KASE) suspended trades in common shares
KZ1C00400016 (KASE official list first category, KKGB) of Kazkommertsbank
(Almaty) due to their price reduction by 77.05 %.
The trades have been suspended after conclusion of the deal in mentioned
shares at KZT332.80 per share. At this the price of the last executed deal
with Kazkommertsbank on the previous day – July 17, 2014 – made up KZT1,450.00
per share. An instant testing of known to KASE at present circumstances allows
making a conclusion that the reason of such prices surge is not the technical
error of any KASE member or the technical error in exchange trading operation.
KASE draws attention of exchange information users that beginning mid-June
of this year on the market has been observed Kazkommertsbank common shares
prices growth – from KZT185 to KZT320 per share. The above mentioned deal,
made on July 17 in the volume of one share at KZT1,450.00, is not
representative. However, this deal has been executed by its parties and
the exchange does not have any basis not to consider its parameters in the
exchange statistics. Therefore, the price drop of Kazkommertsbank common
shares this morning against this deal price (the last on the trading day
yesterday) must not be treated by investors as the issuer’s bank market
price reduction. By results of July 17, the exchange defines the
representative closing price of KKGB at KZT300.00 per share, and
in relation to this indicator the rate of KKGB today increased by 10.9 %.
The trades have been suspended in compliance with item 1 of article 12-2 of
KASE internal document "Rules of Securities Exchange Trading". According to
these rules KASE suspends trades in shares of any denomination, included to
KASE official list first category, in case of price reduction of shares of
this denomination by 30 and more percent against the price of the last executed
deal in shares of this denomination, which was made during the last preceding
effective trading session. Unless otherwise specified by an authorized body
decision, suspended trades shall be recommenced with the beginning of the
new trading day on shares.
As previously announced, KASE Committee on Indices and Securities Valuation
excluded parameters of the deal at KZT1,450.00 from calculation of KASE Index
values for July 17, 2014 due to significant deviation of the deal price from
the market level and non-representative volume.
[2014-07-18]