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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 KAZAKHSTAN STOCK EXCHANGE In 2007, the KASE plans to put into practice a special trade floor of the regional financial center of Almaty. Azamat Joldasbekov President Work on further development of the Kazakhstan Stock Exchange (KASE) was carried out in 2006. In spite of the fact that lot of planned tasks were put into practice, many of them still need to be completed. On a favorable background of general growth in the economy in 2006 the Kazakhstan securities market continued to develop in the view of tendencies of the past three years and did not change its key features. The KASE trading volumes increased to US$ 169.3 billion. The structure of the KASE turnover in 2006 did not undergo any fundamental changes. And, as before, the main growth of the KASE turnover comes from the repo transactions 67.3%. Turnover in the securities market sector reached US$ 7.0 billion, though it is only 4.2% of total KASE turnover. In 2007, the KASE plans to put into practice a special trading floor of the regional financial center of Almaty, to improve technologies and procedures while taking into account the special needs of foreign investors and issuers. HISTORY AND DEVELOPMENT The KASE (previously the Kazakhstan Interbank Currency and Stock Exchange) was founded on 17 November 1993 as a closed-end joint-stock company, on the basis of an earlier established Center of Interbank Currency Transactions (Currency Exchange) of the State National Bank. The main stimulus to create the KASE was the introduction of the national currency, the Kazakhstan tenge, on 15 November 1993. Starting on 1 November 1995, the KASE began trading state t-bills. In November 1996, it received its securities trading license from the National Securities Commission (NSC). As a result of a proposal tendered by the government in December 1996, the KASE was chosen as a model exchange to trade the securities of the largest enterprises of Kazakhstan. In September 1997, a closed joint-stock company, the Almaty Financial Instruments Exchange, separated from the KASE. Two exchanges resulted from the adoption, in March 1997, of the law “On Securities Market” with the provision that a stock exchange could only operate in securities. However, on 1 April 1999, a merger took place between the KASE and the Almaty Financial Instruments Exchange (AFINEX), thus making the KASE the only organized market in Kazakhstan. In 2001 the KASE became a shareholder of the Kyrgyz Stock Exchange. The most important event of 2003 was the passage of two new laws that determine the legal infrastructure of the stock market–the law "On joint stock companies" and the law "On securities market" that substituted the laws of previous years. In October, 2003 the KASE with its new subsidiary company "eTrade.kz" LLP launched the "eTrade.kz" project. The purpose of the project was the organization of an internet-trading system to carry out the operations with the financial instrument at the KASE. At the beginning of 2004 the KASE changed its organization-legal structure from a "closed joint stock company" to a "joint stock company" as a result of the newly implemented changes in the aforementioned law, “On joint stock companies”. In 2006, creation of a regional financial center in Almaty with the aim of the equity market development and the integration with the international fund market gives new opportunities for the stock exchange and equity market as a whole. The KASE is legislatively determined as the special trade floor of the regional financial center of Almaty. FUTURE OUTLOOK The Program on Kazakhstan Securities Market Development for the years 2005–2007 adopted by the Kazakhstan government at the end of 2004 determined the main directions of further development and established priority tasks. Part of them directly touch the activity of the KASE. Creation of Regional financial center of Almaty city with the aim of equity market development and the integration with the international fund market gives new opportunities for the stock exchange and equity market as a whole. The KASE is legislatively determined as the special trade floor of the regional financial center of Almaty city. The main targets of the KASE in 2007 are to: • serve as the special trading floor of the regional financial center of Almaty city; • attract foreign issuers and investors; • improve methods of market index calculation; and • increase list of traded instruments. PAGE 86
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 KAZAKHSTAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-06 69.03 3.29 7.04 0.34 Aug-06 118.94 5.41 5.06 0.23 Sep-06 158.61 7.55 53.12 2.53 Oct-06 1,781.11 84.81 68.99 3.29 Nov-06 416.73 18.94 19.12 0.87 Dec-06 682.06 35.90 61.36 3.23 TOTAL 3,226.48 25.98 214.70 1.75 Bonds Jul-06 7,663.14 364.91 13,562.88 645.85 Aug-06 10,961.76 498.26 20,542.63 933.76 Sep-06 9,740.60 463.84 13,264.96 631.66 Oct-06 11,474.70 546.41 13,568.70 646.13 Nov-06 10,026.74 455.76 13,166.61 598.48 Dec-06 11,795.01 620.79 23,281.40 1,225.34 TOTAL 61,661.96 491.66 97,387.18 780.20 Other Jul-06 1,733.99 82.57 n/a n/a Aug-06 3,234.55 147.03 n/a n/a Sep-06 3,560.61 169.55 n/a n/a Oct-06 5,683.67 270.65 n/a n/a Nov-06 7,264.00 330.18 n/a n/a Dec-06 7,079.51 372.61 n/a n/a TOTAL 28,556.32 228.76 n/a n/a Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jul-06 29,247.07 1,665.34 Aug-06 29,227.62 1,797.05 Sep-06 28,698.24 1,791.99 Oct-06 33,535.52 1,767.19 Nov-06 39,701.95 2,086.78 Dec-06 56,611.40 2,418.08 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2,500 2,000 1,500 1,000 500 0 60,000 50,000 40,000 30,000 20,000 10,000 0 July Aug Sept Oct Nov Dec CONTACT INFORMATION Contact Name Mr. Babenov Bolat E-mail bolat@kase.kz Website www.kase.kz PAGE 87
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