Finance In Brief

On April 24 annual general meeting of OJSC "KAZKOMMERTSBANK" shareholders will be held

/IRBIS, March 24/

OJSC "KAZKOMMERTSBANK" (Almaty, KASE official list of securities, category "A") informed Kazakhstan stock exchange (KASE) of annual general shareholders meeting to be held on April 24, 2000 with following agenda:

� Report of the Board of OJSC "KAZKOMMERTSBANK" on 1999 results.

� Approval of annual financial statement of the bank and the summary of Revision commission.

� On net income distribution rules and amount of deductions to reserve capital of OJSC "KAZKOMMERTSBANK". On dividend payments.

� On dismissal of the members of Revision commission of the bank.

� On election of a Comptroller for OJSC "KAZKOMMERTSBANK".

� On dismissal of the members of the Board of directors.

� Identifying the members and election of the members of the Board of directors of OJSC "KAZKOMMERTSBANK".

� Approval of an external auditor for OJSC "KAZKOMMERTSBANK".

� Making changes and amendments to the Charter of the bank.

� Program of the bank reorganization and new organizational structure.

� Miscellaneous.

The date when the list of shareholders entitled to participate in general shareholders meeting to be made is April 20, 2000.

In case the quorum is not reached, the next general meeting of OJSC "KAZKOMMERTSBANK" shareholders will be held on April 25.

Capitalization of the market of Private Securities of Kazakhstan on March 24 - $2,209.1 million

/IRBIS, March 24/

On March 24 capitalization of the exchange market of Non-state Securities of Kazakhstan (A + B + N without the State Block of Shares) has amounted to $2,209.1 million.

For one week capitalization has grown by $12.89 due to increase in prices of:

I. common shares of JSC Temirbank by 3.85%;

II. preferred shares of JSC KAZAKHTELEKOM in 3.33 times;

III. preferred shares of JSC Mangistaumunaigaz by 75.0%.

The deals can be made on KASE today in 89 tools of the 68 companies and 4 state blocks of shares.

Weekly National Bank of Kazakhstan balance on the notes - minus 1,401.2 million tenges

/IRBIS, March 24/

The Ministry of finance has finished 13th week in the State Securities primary market with the following results. At actual volume of redemption of 1,713.8 (������-3 #256) million tenges the emitter attracted 312.6 million tenges at two auctions.

The week balance of the emitter under the notes program is minus 1,401.2 million tenges.

Weekly volume of trades in State Securities on KASE - KZT4,490.4 mln

/IRBIS, March 24/

At KASE the next trade week (March 20 - 24) has ended in purchase and sale sector of SS. Statistical indicators and turnover structure is given in the table (in parentheses � comparable figures of previous week).

Days  Yield to maturity, % APR.  Volume, mln KZT Number
till maturity  min  max  last  WA  at discount  of deals
Discounted SS: MEKKAM-3, 6, 12, notes 18.4 (32.4)% of purchase and sale sector's turnover
less than 8  10.93  11.99  11.99  10.96 (12.24)  45.2 3
57 � 63  15.24  15.24  15.24  15.24 ( -)  1.1 1
64 � 91  15.07  17.58  15.75  15.84 (15.44)  68.8 6
92 � 181  15.35  16.76  15.35  15.50 (15.87)  168.1 4
182 � 364  17.56  17.56  17.56  17.56 (17.20)  113.3 1
Total        396.5 (919.1)  15 (27)

Discounted indexed SS: MEKAVM-6, 9, 12, MGU 25.3 (14.2)% of purchase and sale sector's turnover

64 � 91  8.00  8.00  8.00  8.00 ( -)  42.4  5
92 � 181  8.70  8.90  8.90  8.72 (8.70)  256.7  2
182 � 364  9.20  9.88  9.40  9.45 (9.40)  246.4  13
Total          545.4 (402.2)  20 (12)

Indexed coupon SS: AVMEKAM 23.4 (7.4)% of purchase and sale sector's turnover

1,455  10.79  11.61  11.61  10.83 (11.09)  504.8  3
Total          504.8 (210.6)  3 (4)

Euronotes of Kazakhstan, USD 33.0 (45.9)% of purchase and sale sector's turnover

*908 - 912  9.7473  9.9912  9.9912  9.86 (9.88)  157.4  4
**1,644 - 1,648  10.1690  11.0268  10.9257  10.89 (10.95)  555.2  16
Total          712.5 (1,297.6)  20 (44)
SUBTOTAL          2,159.3 (2,829.4)  58 (87)

Notes: For euronotes (* � second issue, ** - third issue) and �V����� volumes were calculated at weighted average USD/KZT rate of the Exchange. Volumes of indexed domestic SS were calculated at official USD/KZT rate.

In repo sector of KASE 51 deals were registered for a total of KZT2,331.1 mln during the reporting week. Corresponding figure for previous week � 34 deals for KZT1,938.8 mln.

Total of 103 deals amounting to KZT4,490.4 mln were registered on trade floors of KASE (SS purchase and sale and repo sectors). Last week volume of 121 deals reached KZT4,768.2 mln.

The National Bank of Kazakhstan for March 25 - 28: 1USD/KZT = 141.60, 1DEM/KZT = 72.10, 1RUR/KZT = 4.91, 1EUR/KZT = 141.02

/IRBIS, March 27

For March 25 - 28, 2000 the National Bank of Kazakhstan has established the following exchange rates for accounting, customs and tax purposes: for 1 USD 141.60 (+0.15) tenge; for 1 DEM 72.10 (+0.16) tenge; for 1 RUR 4.91 (0) tenge; f or 1 EURO 141.02 (+0.31) tenge.

Total of 33 currencies are in the list.

Weekly volume of transactions in foreign currencies at KASE � equivalent of $22.100 mln

/IRBIS, March 27/

During the thirteenth calendar week of the year 2000 (March 20 - 26) trades were held in U.S. dollars, Deutsche marks and euro with TOD, TOM and SPOT terms in foreign currencies trade sector of Kazakhstan Stock Exchange (KASE).

Three trades were held daily: the morning (main, USD_TOD, DEM_TOD, EUR_TOD), day (additional USD_TOD, DEM_TOD, EUR_TOD) and evening (USD, DEM, EUR on TOM and SPOT terms).

In U.S. dollars (hereafter corresponding figures for previous month are given in parentheses): 411 (499) deals were made for a total of $22,075 th. ($35,180 th.), including:

� 409 (496) deals for a total of $21,675 th. ($34,680 th.) � on TOD terms;

� 1 (3) deal for $200 th. ($500 th.) � on TOM terms.

� 1 (0) deal for $200 th. (0) � on SPOT terms.

Average volume of the trading day at KASE in U.S. dollars equaled $5,519 th. ($5,930 th.).

Tenge devaluation against the U.S. dollar, calculated at weighted average rate of the Exchange on March 24 (only the morning session is taken into account), is estimated by a trend:

� in short term (week) � 2.2% (11.2%) APR,

� in mid term (last 30 days) � 15.0% (16.8%) APR,

� in long term (from the beginning of this year) � 11.1% (11.9%) APR.

In Deutsche marks 4 (3) deals were made for an amount of 50 th. (35) units. Deals were made on TOD terms in the main session of KASE. Against mark tenge revalued at an average of 36.6% APR.

In euros no deals were made.

In general, weekly volume of deals in foreign currencies at KASE is estimated at an equivalent of $22.100 mln ($35.565 mln), or KZT3,129.5 mln (KZT5,032.9 mln). Daily average � $5,525.0 mln ($7,112.9 mln).

At KASE dollar grows again under modest demand and absence of large supplies of BST

/IRBIS, March 27/

Today the next morning trades in U.S. dollars, Deutsche marks and euros were held at Kazakhstan stock exchange (KASE) with TOD payment terms. 20 banks participated in the trades.

Today the trades in U.S. dollars opened at KZT141.77 per unit. Total of 56 deals were made. Weighted average dollar exchange rate equaled to KZT141.88 (+0.15) per unit. Volume of the session � $4.825 mln (-$3.510 mln). Exchange rate fluctuation during the trade �0.09%. The trades were closed at KZT141.87/89 per dollar.

In IRBIS analysts' opinion, today the conjuncture of the Exchange market of the U.S. dollar was affected by two factors. The first �purely psychological � is 15 point growth in the National Bank's official rate of USD up to KZT141.60. Despite an essential gap between the Exchange rate and the official rate along with this increase, this step of the National Bank became a signal for the dealers.

The second factor � repayment of SS on Friday. Despite the fact that most of the money was used by the emitters at the auctions held on the same day, some of that money sustained the liquidity of the banks today. As a result, even a relatively high volume of the dollars purchased late last week did not affect the rates of the shortest money: they remained at previous levels � 5/12-13% APR.

Investment attractiveness of financial instruments at KASE from March 16 through 22

ALMATY, March 24 (IRBIS)

Following is the table that allows to compare investment attractiveness of the financial instruments, which were regularly traded or quoted at Kazakhstan stock exchange (KASE) during observed period. In parentheses � figures of previous period. Instruments are given in descending order based on their attractiveness.

Investment attractiveness of financial instruments of the Exchange from March 16 through 22

Financial instrument  Currency  Yield, % APR  Volume of deals, mln KZT  Volume of deals, mln USD
KZT (SS repo)  KZT  *19.56 (8.65)  1,606.0 (1,005.8)  11,343.8 (7,115.3)
������, notes   KZT  *15.20 (15.47)  357.5 (926.8)  2,525.2 (6,556.4)
KOMBb USD  12.99 (13.75)  0 (51.1)  0 (361.7)
BTAS USD  12.73 (12.26)  0 ( 0)  0 ( 0)
KKGBb USD  12.66 (12.21)  13.4 ( 0)  94.4 ( 0)
�V�����  USD  11.09 (11.11)  11.2 (229.0)  79.1 (1,620.0)
Euronotes-3  USD  10.95 (10.97)  593.4 (754.7)  4,191.4 (5,338.9)
Euronotes-2  USD  9.90 (9.76)  409.1 (28.5)  2 889.6 (201.6)
MEKAVM, MGU USD  *9.05 (8.92)  359.6 (377.6)  2 540.0 (2 671.2)

Notes: Yield of BTAS was calculated for 5 days by ask quotations; yield of KKGBb � by deals (bid quotations); KOMBb � as average for bid quotations (by deals).

The yields, shown here, do not incorporate overhead expenses that are inevitable when conducting operations and fixing profits (commission and tax collections, membership fees etc). Marked by a star are the instruments with less than a year circulation term. Weighted average effective yields are given for them.

Average tenge devaluation rate is estimated in the week by a trend of negative 2.5% APR (tenge revalued against dollar).

U.S. dollar market of Kazakhstan: day results

ALMATY, March 24 (IRBIS)

Following is the table of major indicators of Kazakhstani market for U.S. dollar (more than 98% of country's all currency market).

Trades in U.S. dollars at Kazakhstan stock exchange (KASE)

Session  Main  Additional.  Evening  Evening
Time of the trades (ALM)  10:15 - 11:00  11:30 - 15:30 14:00 - 18:00 14:00 - 18:00
Weighted average rate  141.73 (+0.16)  Not indicated  �  �
Volume of the session (mln)  8.335 (+6.175)  0.680  0  0
Ask  141.73  141.74  141.71  141.75
Bid  141.75  141.77  141.91  142.00
Number of participants  18  10  3  3
Indicative U.S. dollar quotations on interbank market in information system REUTERS at closing of KASE sessions (disregarding settlement dates)
Ask  141.72  141.72   141.70
Bid  141.77  141.76   141.80

Notes: Best bid and ask prices at closing of the trades are shown as the Exchange quotations. In case of absence of such in the trade system of KASE, the last quotations marked by stars are given (in this case, for USD_TOM and for USD_SPOT � at 17:20PM).

By indicative interbank quotations of the dollar in REUTERS information system, tenge lost 10 points in comparison with previous day closing on demand and 13 points on supply of the American currency.

Restoration of short term liquidity of the banks had an immediate effect on the conjuncture of currency market today. The dealers were active practically in all sectors of U.S. dollar trades except for forward deals. However, no vivid trends in the dynamics of the quotations and prices of the American currency were registered after closing of the main session of KASE.

In IRBIS analysts' opinion, it is explained by conducting two auctions for offering SS today: MEKKAM-6 and notes-42. Both issues were conducted with additional placements. The emitters were able to tie up KZT861.8 mln at the auctions, and thus, neutralize KZT837.0 mln that flowed into correspondent accounts of the banks after the repayment of notes-49.

However, the fact that the auctions were held does not mean much. It is the fact that the dealers preferred SS rather than dollars and reinvested their funds into them counts. Probably, they are prudent about attractiveness of dollars as a financial instrument for near term. The National Bank, by setting the official rate lately, demonstrates its intentions to maintain current devaluation rate. It creates a concern. The Exchange market of the dollar has no clear trends. Therefore, short term notes seem to be attractive.

Thus, repayment of SS today did not cause the demand in currency circulation sector in the afternoon. Dollar remained unchanged, so did the rates of the shortest money. In repo sector of KASE rates fell somewhat: the banks were attracting for 3 days at 5% APR, but the borrowing activity was not high. There is no such a pressing deficit of tenge any more. However, great volume of currency trades can empty correspondent accounts of the banks again today, as it did a week ago. Therefore, if the exchange rate of the dollar is to grow on Monday, this growth will be insignificant. More likely the official rate of the American currency that will be set by the National Bank for Monday, Tuesday and Wednesday will have most impact on the moods of the dealers. If this rate gets higher, the banks will raise the market. If not � the Exchange rate of the dollar is likely to remain unchanged.

Weeks volume of trades in Non-state Securities on KASE - $171.3

ALMATY, March 24 (IRBIS)

During 13th (March 20 - 26) on the Kazakhstan Stock Exchange 6 deals were made in Private Securities to the total sum of 171,300 dollars, which is 6.8 times less than in the previous week, when 9 transactions were made (to the sum of 48,600 dollars were made.

In total 24,622 stock and bonds were purchased compared to 312,267 of the previous week.

The trade in common shares of JSC Temirbank (TEBN, official list, category �A�) were most liquid. They have occupied 86.7% from total number of deals.

Also deals were made in preferred shares of KAZAKHTELECOM (KZTKp, official list, category �A�) and preferred shares of Mangistaumunaigaz (MMGZp, official list, category �B�).

Out from 6 transactions 5 have been conducted in the KASE Quoted System, excluding automatic satisfaction of the counter auction applications (so-called direct transactions). In the previous week 2 transaction were made in the KASE Quoted System and 2 � as the direct.

All Over the Globe is published by IPA House.
© 1998 IPA House. All Rights Reserved.