Oct 29
(IRBIS)
The last week in the Kazakhstan hard currency market was similar to the previous one. The auction volume was insignificantly lower; the rate of tenge�s strengthening in respect to dollar was almost the same (12.4% p.a. in this week against 10.3% p.a. in the previous one).
According to IRBIS analysts, the absence of any influence on the dynamics of the dollar�s exchange rate by a great amount of money to reimburse state securities against the background of insignificant loans volume in the internal debt market, was the most notable characteristics. The sellers� efforts to increase the rate failed.
The main result of the week is: the market believed in the stable tenge�s rate. Dealers� short-term devaluation expectations reduced. The results of the analysis of the market and its indicators do not reveal any objective reasons for this situation. The National Bank did not significantly influence the dynamics of the exchange rate. The market was free. The cost of dollar was determined by the free �demand/offer� proportion.
Today we may just agree with the head of the National Bank, that tenge is �overdevaluated�, and the true dollar�s cost is about 138 to 139 tenge. Even the expected abandonment of the obligatory sale of 50% of exporters� revenues at KASE (according to IRBIS experts, the most probable date of the abandonment will be the end of November to beginning of December) did not raise the demand for dollar and, hence, the growth of its rate.
IRBIS specialists consider it possible that the authority of Grigory Marchenko, who repeated the above-mentioned opinion, influences dealers. That is why it is risky today to plan long-term dollar operations.
Taking into consideration that the beginning of the new month may result in the increased dollar�s volumes sold by exporters, naturally, we may suppose, that the US dollar market will be stable in the next week, while tenge will be strengthened.
ALMATY, Oct 28
(THE GLOBE)
�The Bank�s shareholders decided to place the fourth additional stock issue for the total amount of 603.166 million tenge,� the chairman of the Board of the People�s Bank announced on Friday in Almaty.
According to Karim Masimov, the People�s saving Bank will issue 6,031,666 shares with a nominal price of 100 tenge each. After the tender held last year Arthur Anderson was appointed an advisor on placement and will prepare all required documents.
The chairman said that the bank�s shareholders approved a limit on external loans in the amount of US$ 400 million, including the issue of Eurobonds up to US$ 200 million.
However, People�s Bank, which stopped issuing Eurobonds last year due to the world crisis is not going to place Eurobonds soon. The shareholders� agreement on the issue does not mean that it would take place before the end of the year, the head of the bank emphasised.
�Our advisor on Eurobonds, the investment company �Lehman Brathers� does not recommend to issue Eurobonds soon, as market conditions are not favourable and the attraction price will be too high,� Mr. Masimov said.
Recently the limit on the external loans of the People�s Bank did not comply with objectives of the bank. According to Reuters, after devaluation in April, private capital has significantly shrank, and the external loans limit was about US$ 10 million. Beside the projected issue of Eurobonds, the bank is going to try to attract syndicated loans and other credits.
The bank expects to invest money from foreign loans in Kazakhstani enterprises, both small and middle-sized enterprises. Mr. Masimov said that special conditions would be created for new technological projects, especially for Internet technologies.
weeks volume of trades in Non-state Securities on KASE - $601.7
/IRBIS, Oct.29, 99/
During 44th (October 25 - October 31) on the Kazakhstan Stock Exchange 18 deals were made in Non-state Securities (NSS) on the total sum of $601,700, which is by $510,500 or 6.6 times more than in the previous week, when 12 transactions on the sum of $91,000 were made.
Volume of transactions on KASE for the period has made 356,995 securities, which is 21.3 times or by 340,230 securities more than in the previous week.
The transactions were conducted in 10 tools, from which the most liquid were: common of JSC SHNOS (SYRG, official list of securities, category �A�) and common shares of KAZAKHTELECOM (KZTK, official list of securities, category �A�). Also the usual market favorites as KZMS and KZMSp; HSBK; MMGZp were traded.
Capitalization of the market of Non-state Securities of Kazakhstan on October 29 - $1,921.2 million
/IRBIS, Oct.29, 99/
On October 29 capitalization of the exchange market of Non-state Securities of Kazakhstan (A + B + N without the State Block of Shares) has amounted to $1,921.2 million.
For two weeks capitalization has grown by $198,520 through the growth of the market price of such big companies as JSC SHNOS (till now its shares were considered at the nominal price because of quotation absence) and KAZAKTELECOM.
The deals can be made on KASE today in 86 tools of the 63 companies and 4 state blocks of shares.
Week volume of USD transactions on KASE � $39.200 million
/IRBIS, Oct.29, 99/
For US dollar within the 44nd week (October 25 - October 31) on the Kazakhstan Stock Exchange (KASE) 922 transactions totaling $39.200 million were made at average session volume of $9.800 million.
Tenge revaluation, calculated at the average weighted market rate, is evaluated by the one week trend of 12.4% p.a. (tenge revaluated).
In the previous week 1,246 deals totaling $51.430 million at average session volume of $10.286 million were made. During that period tenge revaluation rate has made 10.3% p.a.
Devaluation of tenge towards US dollar, calculated at average weighted market rate on October 29, is 80.9% p.a. � from the beginning of the current year and 2.6% p.a. � for the last 30 days.
For deutsche mark 12 transactions totaling DEM125,000 were made. The deutsche mark rate has decreased by 2.55%, that corresponds to 132.5% p.a. of the week average rate of tenge revaluation.
For Euro no deals were made.
Total volume of the transactions in foreign currency within the 44nd week is 5,508.7 million tenges or $39,267,700.
THE MINIMUM LOTS ARE INTRODUCED ON KASE AT TRADE IN THE INTERNAL STATE SECURITIES
/IRBIS, Nov.01, 99/
The Kazakhstan Stock exchange recalls that by the KASE�s Council decision dated October 07, since November 01, 99 the minimum lots for submission of the applications in the Exchange Trade system are introduced.
IRBIS agency has informed about this decision at the data of its acceptance.
For tenge denominated SS (MEAKAM, ������, ������, ��I��� and notes of the National Bank) the minimum lot is 100,000 tenges taking into account the nominal value traded obligations.
For US dollars denominated SS (AVMEKAM, MEKAVM, hard currency notes of the National Bank, bonds of the Mangystau oblast executive body) the minimum lot is 1,000 US dollars taking into account the nominal value traded obligations..
The lots were established at the request of Exchange trade members, which are not satisfied with performance of their applications for SS sale made during the trade (at impossibility of the direct transactions, which since August 02 are forbidden in the KASE�s sector of SS sale and purchase). In their opinion, the absence of lot size restrictions results in the unjustified splitting of SS blocks, that, in turn, causes an appearance of the low liquidity �rests�.
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