Transcript Заголовок слайда отсутствует

EXCHANGE MARKET OF
KAZAKHSTAN
Idel Sabitov
First Vice-president / Kazakhstan Stock Exchange (KASE)
The 3rd Asia-Pacific New
Markets Forum
Busan Korea, June 15-17, 2006
KAZAKHSTAN STOCK EXHANGE
• Closed joint stock company
• Non-commercial self-regulating
organization
• Organized in November 1993
• Only one stock exchange in Kazakhstan
• 66 members (30 banks)
KASE is an universal financial market.
There are five main trading floors on KASE
1. Foreign currencies
2. Equities
3. Сorporates bonds
4. Treasury bills
5. Money market (repo operations)
6. Derivatives market is non-active now
Historical data
1993 November 17– Kazakhstan Interbank Currency
Exchange was organized as an joint company based on
Center of interbank currency operations in National Bank
of Republic of Kazakhstan.
1995 July 12 – name of exchange was changed to
“Kazakhstan Interbank Stock and Currency Exchange".
1995 September 29 – KASE obtained license № 1 from
National Securities Commission for organization trade
operation on treasury bills.
1995 October 27 – began trade operation by electronic
trade system.
1996 April 12 – changed name to “Kazakhstan Stock
Exchange“ - KASE.
1996 November 13 – obtained full license of National
Securities Commission for exchange operation on
securities market.
1997 September 01 – divided on two exchanges –
AFINEX (Almaty FINancial EXchange) and KASE.
AFINEX was operated by currency and derivatives
instruments. KASE had operated in stock and Tbills
markets because there was law requirement to separate
different markets.
1997 September 19 – first trade on shares.
1997 November 05 – first trade on program of
government privatization.
1998 August 28 – foundation of own information agency
“IRBIS”.
1999 – began pension reform in Kazakhstan. It was
started with accumulating pension funds.
1999 April 01 – back merged AFINEX and KASE in one KASE.
2001 March – began calculate stock indexes
(KASE_Shares, KASE_BY, KASE_BP).
2001 August 01 – opened special sector “automated
repo operation” in money market.
2003 – turnover of all exchange markets increased to 33,8
billion dollars 113,1% of GDP Kazakhstan in 2003, but
almost of this volume is a money market (63%) and
foreign currency (18,9%).
2005 – turnover of all exchange markets increased to 80,4
billion dollars 143,9% of GDP Kazakhstan in 2005,
corporate securities market still small share in all turnover
– 3,4% (2,8 bl.).
Index KASE_Shares grown to 646,42 points from 213,37
(202,95 %).
Capitalization increased to 10,5 billion dollars from 3,94
billion dollars.
2006 – market now is very interesting for investors in spite
of not good liquidity still because Index KASE_Shares had
maximum value April 19 - 2.393,5778 points, and
Capitalization increased to 31,2 billion dollars.
Turnover from 1993,
USD’ 000 000 000
80,4
Foreign currency
Treasury bills
Futures
58,9
Stock and bonds
33,8
Money market
2005
2004
1998
2003
1997
3,5
2002
1,5
24,6
10,2
2001
3,0
2000
2,9
5,1
1999
2,0
1996
1994
1993
0,05 1,2
1995
GDP of Kazakhstan
Volumes of markets
in 2005,
USD’ 000 000 000
Foreing currency:
15.0% 12.0
Money market on
treasury bills
69.1% 55.6
Corporate securities: 3.4%
2.8
KASE
$80.4 bn.
Treasury bills: 5.9% 4.8
Direct money market on
corporate securities:
3.2% 2.5
repo on
securities:
2.5% 2.0
repo on Treasury bills:
0.9% 0.7
05.06.06
05.05.06
05.04.06
05.03.06
05.02.06
05.01.06
05.12.05
05.11.05
05.10.05
05.09.05
05.08.05
05.07.05
05.06.05
05.05.05
05.04.05
05.03.05
05.02.05
05.01.05
Index KASE_Shares form 2005 Jan 01 to 2006 June 09
2 500
2 000
1 500
09/06/06:
1 702,01
1 000
05/01/05:
216,34
500
0
Capitalization of listing securities on
KASE at 2006 June 12
Corporate bonds
64 issuers
173 issues
10,6 billion
USD
Corporate shares
64 issuers
91 shares
31,8 billion
USD
Ratings of Kazakhstan Borrowers
S&P
Moody's
Fitch
BBB-
Baa1
BBB
Kazakhstan Railroads
BB+
Baa1
BBB
Kaztransoil
BB+
Baa2
BB+
Development Bank of Kazakhstan
BBB-
Baa1
BBB
Kazkommertsbank
BB+
Ba1
BB+
TuranAlemBank
BB
Ba1
BB+
Halyk Savings Bank of Kazakhstan
BB
Ba1
BB+
ATF Bank
B+
Ba1
BB-
The Republic of Kazakhstan
Current situations
Reasons of listing for companies
In main all issuers looking for big institutional
investors like banks and pension funds
Two main reasons:
1) issue bonds to sell it pension funds
2) to have tax privilege of profit for buy and sell securities
9
bn. USD
Capitalization of exchange’s
corporate bonds market
8
7
6
5
4
3
Volume of net
pension assets
2
1
0
1999
2000
2001
2002
2003
2004
2005
Plans and expectations
In next two years market is waiting several IPO from
big companies with government control like:
Eurasian industrial association (EIA), Temir Zholy
(railroad and transport company), KazMunaiGas, Air
Astana, TuranAlemBank, Kazkommertsbank and etc.
20% of this IPO companies have to offer in domestic
market.
May be some parts of IPO will be resell in the future.
For example Kazakhmys company has plans to resell
1% of shares in KASE now.
Improves
We think also that grown of mutual funds in
Kazakhstan and increase activity of retail in stock
market will be do this market more interesting and
liquidity.
We think about to set T+3 settlements procedures and
clearing procedures.
Now we have settlements procedures based on DVP
principle T+0 time each deals separately.
It’s will be more convenient for foreign investors.
Need to Know More?
www.kase.kz