In March of 2004 volume of CS purchase and sale deals at KASE grew by 27.2% to $94.9 m.
/IRBIS, Assel Omarova, Andrey Tsalyuk, April 5, 04/ - In March of 2004 at the Kazakhstan Stock Exchange (KASE) 315 deals were made in corporate securities (CS) in all sectors of the market (excluding repo-transactions sector) for a total of KZT13,188.2 m. or $94.9 m. at current rate of the Exchange effective on the day the deals were made. In comparison with February of 2004 volume of transactions boosted by $20.3 m. (KZT2.8 bn.) or 27.2% percent (by 27.0% times in terms of tenge). Relative to March of 2003 volume of transactions rose by $53.3 m. (KZT6.9 bn.) or 2.3 times (by 2.1 times in terms of tenge).
Structure of CS turnover at KASE in March is presented in the following way: the 14.3% ($13,524.0 th) of conducted deals fell to the stake of initial public offerings and 85.7% ($81,375.7 th) on the part of purchase and sale sector. No deals involving privatization were made this month. By comparison, the structure of stock exchange's CS sector in 2003 was characterized by the following indicators: 9.4% of transactions volume fell to the stake of primary floatations; 14.6% - to the stake of government-owned shares sector; 76.0% - purchase and sale (secondary market) sector.
In the month that has just ended KASE was notable for CS market revivification inspired by IPOs, and fourth offering of agency mortgage bonds by Kazakhstan Mortgage Company CJSC in particular. In IRBIS analysts' opinion, this fact prompted investors to revise their portfolios at secondary market. As a result, trades volume ups in both sectors: initial offerings and purchase-sale sector.
Another factor to consider is the end of the quarter that traditionally boosted CS transactions. This resulted in larger number of direct deals over CCBN.
It also should be noted that the liquidity of shares issued by Bayan Sulu OJSC, which used to be unpopular among brokers, improved in March. A series of eight direct deals for $4,472.6 th held on March 18 helped the shares to gain fifth place in the list of most liquid securities (see table below).
In general, CS market revival in March leaves market with counterintuitive impression, since significant part of deals are likely to be related-parties transactions. However, at the same time there are no doubts that larger number of CS deals at KASE is a partial result of objective market forces.
Following are the tables, which show stock exchange's CS market in February of 2004.
Most tradable securities at KASE in March of 2004 (purchase and sale only, excluding deals in SBS and primary floatations)
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Code Volume of Volume of Volume of Number
of deals, deals, deals in of
security Brief title of the issuer th. USD m. KZT securities deals
-------- ------------------------------ --------- --------- ------------- ------
CCBN Bank CenterCredit OJSC 10,279.2 1,429.5 7,036,239 22
BRKZb1 Development Bank of 6,649.4 922.2 957,300 4
Kazakhstan JSC
ASFIb2 Astana-finance OJSC 6,387.8 889.0 8,988,797 31
KZIKb1 Kazakhstan Mortgage
Company CJSC 5,486.5 765.0 70,000 6
BSUL Bayan - Sulu OJSC 4,472.6 622.0 2,768,965 8
KZIKb3 Kazakhstan Mortgage
Company CJSC 4,179.2 580.2 565,000,000 5
BTASb3 Bank TuranAlem JSC 3,857.3 537.0 33,200 2
KKGBb2 Kazkommertsbank JSC 3,527.8 489.9 3,556 5
RGBRb3 RG BRANDS OJSC 3,424.3 476.0 478,470,000 16
NRBNp6 Nurbank OJSC 2,957.4 410.1 40,000 2
KZIKb2 Kazakhstan Mortgage
Company CJSC 2,932.3 407.5 384,971,014 5
CSBNb2 BANK CASPIAN JSC 2,916.6 405.1 18,810 3
ORDB Corporation Ordabasy JSC 2,744.1 380.6 175,970 7
CSBNb3 BANK CASPIAN JSC 2,534.4 351.6 17,080 3
VTBN VALUT-TRANZIT BANK OJSC 2,418.0 335.8 1,044,256 14
VTBNp VALUT-TRANZIT BANK OJSC 2,337.3 325.0 999,185 15
BTASb2 Bank TuranAlem JSC 2,239.9 311.5 22,716 17
BRKZe2 Development Bank of 2,157.3 299.6 2,000,000 1
Kazakhstan JSC
TXBNb2 TEXAKABANK OJSC 1,649.7 229.2 224,750,000 11
ASBNb2 Alliance Bank OJSC 1,061.1 147.8 145,000,000 4
VTBNb1 VALUT-TRANZIT BANK OJSC 1,001.7 139.2 10,631 4
ARNAb1 ARNA OJSC 640.7 89.1 8,797 8
BTASe1 TuranAlem Finance B.V. 610.1 84.8 585,000 3
KKGBe2 Kazkommertsbank JSC 606.1 84.3 560,000 1
HSBKp Halyk savings bank of
Kazakhstan JSC 457.5 63.6 380,613 1
UKPFb1 UST-KAMENOGORSK
POULTRY FARM OJSC 434.3 60.5 6,400 6
ASBNb1 Alliance Bank OJSC 386.4 53.7 60,000,000 1
KKGBe4 Kazkommerts International B.V. 355.1 49.4 330,000 1
YASYb1 YASSY OJSC 319.8 44.5 4,640 1
CCBNb3 Bank CenterCredit OJSC 314.6 43.8 35,350,000 4
ALKSb2 Almaty Kus OJSC 281.4 39.0 2,760 2
ASFIb3 Astana-finance OJSC 237.0 32.9 343,200 2
ZERD Zerde OJSC 201.1 27.9 18,650,083 5
NRBNb1 Nurbank OJSC 197.9 27.5 29,800 2
CCBNb1 Bank CenterCredit OJSC 197.9 27.5 1,836 2
KARMb2 Karazhanbasmunai OJSC 178.7 24.9 25,000 1
KZMS Corporation Kazakhmys JSC 174.9 24.3 7,217 9
BTASb1 Bank TuranAlem JSC 135.7 18.9 1,188 4
ALKZp Aluminum of Kazakhstan JSC 93.4 13.0 86,512 11
VTZLb1 VALUT-TRANZIT ZOLOTO 73.4 10.2 9,480,000 1
JSC
TXBNb1 TEXAKABANK OJSC 65.1 9.1 8,750 1
KZTOe1 KazTransOil CJSC 53.1 7.4 48,300 1
TEBNb Temirbank JSC 50.6 7.0 500 1
CCBNb2 Bank CenterCredit OJSC 36.4 5.1 330 1
ALKS Almaty Kus OJSC 20.8 2.9 279,477 3
UTMKp Ust-Kamenogorsk titanium-
magnesium combine JSC 11.5 1.6 635 3
VTTHb1 VALUT-TRANZIT
TECHNOLOGY OJSC 7.4 1.0 950,000 1
VTSKb2 VALUT-TRANZIT SECURITY
LLP 7.4 1.0 950,000 1
KZTK Kazakhtelecom 6.6 0.9 330 1
TSBN Tcesnabank JSC 3.8 0.5 500 1
RAHT Rakhat OJSC 1.5 0.2 2,090 4
CSBN BANK CASPIAN JSC 0.86 0.1 700 1
KZCRp TNC Kazchrome OJSC 0.264 0.04 105 3
TEBN Temirbank JSC 0.235 0.03 31 23
HSBK Halyk savings bank of
Kazakhstan JSC 0.160 0.02 202 1
KKGB Kazkommertsbank JSC 0.012 0.002 10 1
-------- ------------------------------ --------- --------- ------------- ------
TOTAL 49 81,375.7 11,310.5 1,950,472,725 297
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Comments: The securities were sorted in descending order based on the volumes of deals expressed in U.S. dollars. Small letters in the securities codes have the following meanings: "p" - preferred inscribed share; "b" - bond: "e" - eurobond; the rest - common inscribed share. The figure shows the number of the bond issue. If there is no figure (old code) it implies that it is the first issue.
Table of main indicators of the stock exchange's CS market in March of 2004
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Capitaliza- Capitaliza-
tion tion Bond value Volume of
of the of the index, purchase
share bonds Bonds including and sale
market, Share market, yield accum deals,
Date m. USD index m. USD index interest th. USD
---------- ----------- -------- ----------- ----- ---------- ---------
Feb 27, 04 2,778.9 167.5455 2,635.3 7.49 157.71 2,095.8
Mar 1, 04 2,745.9 166.9223 2,669.5 7.52 157.82 1,533.4
Mar 2, 04 2,748.5 180.6625 2,670.1 7.46 158.41 5,087.3
Mar 3, 04 2,743.1 166.1960 2,669.4 7.48 158.19 382.9
Mar 4, 04 2,685.1 166.4125 2,668.3 7.47 158.22 4,261.7
Mar 5, 04 2,691.0 167.3610 2,669.7 7.51 158.02 7,363.5
Mar 9, 04 2,877.6 163.2604 2,672.0 7.45 158.55 331.0
Mar 10, 04 2,887.3 174.4818 2,675.8 7.43 158.64 3,570.0
Mar 11, 04 2,887.3 175.7637 2,675.8 7.48 158.39 10,710.1
Mar 12, 04 2,889.1 175.8027 2,675.3 7.45 158.60 2,046.1
Mar 13, 04 2,888.3 174.4679 2,796.4 7.48 158.55 596.3
Mar 16, 04 2,882.7 176.1075 2,794.3 7.46 158.69 8,456.9
Mar 17, 04 2,880.2 176.0109 2,769.3 7.46 158.72 1,045.8
Mar 18, 04 2,957.1 175.9185 2,773.8 7.49 158.58 6,318.6
Mar 19, 04 2,957.7 175.8600 2,775.4 7.40 159.15 1,066.4
Mar 23, 04 2,781.5 176.0856 2,775.5 7.20 160.41 36.7
Mar 24, 04 2,865.0 176.3952 2,773.4 7.22 160.34 10,749.8
Mar 25, 04 2,868.9 175.1847 2,773.8 7.20 160.48 5,225.6
Mar 26, 04 2,812.7 176.1844 2,775.4 7.20 160.49 2,650.3
Mar 29, 04 2,804.7 175.4169 2,774.4 7.16 160.81 8,493.9
Mar 30, 04 2,798.8 175.8096 2,772.7 7.18 160.74 4,369.2
Mar 31, 04 2,823.9 176.1922 2,771.3 7.22 160.47 10,604.2
---------- ----------- -------- ----------- ----- ---------- ---------
Trend +45.0 +8.6467 +136.0 -0.27 +2.76
+1.6% +5.2% +5.2% -3.6% +1.8%
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Comments: The shares index (KASE_Shares) reflects the changes in the bids on the shares from the official Exchange's securities list of "A" category, including the market capitalization of their issuers. The capitalization of the bonds market - indicator that reflects the volume of corporate debt circulating on the KASE as the bonds of the companies. It is calculated on the basis of the number of issued bonds and the bonds admitted to the trades and their market values. In case of the absence of the last figure, face value is used instead. Capitalization of the shares market - indicator that reflects the market capitalization of the companies whose shares were entered into official list of the KASE securities. It is calculated on the basis of the number of issued shares and their last market values. In case of the absence of the deals the face values of the securities, expressed in U.S. dollars (if necessary) at the rate of the Exchange for the current day, are used. Bonds yield index (KASE_BY) - weighted average (through capitalization) yield of the corporate bonds of category "A" of the KASE official list, which is calculated based on the deals or average bids of the market-makers (if there is no deal). Index of bonds yield with accumulated interest (KASE_BP) - weighted average (through capitalization) "dirty" price of the corporate bonds of category "A" of the KASE official list, which is calculated based on the deals or average bids of the market-makers (if there is no deal). Purchase-sale deals volume includes the deals made in state blocks of shares and volume of primary floatations at KASE's specialized trades but it doesn't take into account repo transactions.
[2004-04-05]