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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 KAZAKHSTAN STOCK EXCHANGE Azamat Joldasbekov President In the year of 2004 the organized securities market of Kazakhstan continued to develop in the same manner of previous years. The development of the market was foremost characterized by the growth of trade volumes. The Kazakhstan Stock Exchange (KASE) turnover reached an equivalent of US$ 58 billion. HISTORY AND DEVELOPMENT KASE (previously the Kazakhstan Interbank Currency and Stock Exchange) was founded on 17 November 1993 as a closed-end jointstock 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 KASE was the introduction of the national currency, the Kazakhstan tenge, on 15 November 1993. Starting in November 1995, 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, KASE was chosen as a model exchange to trade securities of the largest enterprises of Kazakhstan. In September 1997, a closed joint-stock company, the Almaty Financial Instruments Exchange, separated from 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 KASE and the Almaty Financial Instruments Exchange (AFINEX), thus making KASE the only organized market in Kazakhstan. PAGE 90 The development of the market was foremost characterized by the growth of trade volumes. The KASE turnover reached an equivalent of US$ 58 billion. Significant changes have occurred during 2004: • the advanced version of our electronic trading system was successfully launched in January, 2005; • according to the Government's decision the primary T-bill market was to be relocated to the KASE since the beginning of 2005; as a result, the year of 2004 was used by us to fulfill all necessary legal and technical preparations for such cordial change; and • foreign securities started to be traded on the KASE: T-bills (Russia) and corporate securities – shares of PetroKazakhstan Inc (Canada). In 2001 KASE became a shareholder of the Kyrgyz Stock Exchange. The most important event of 2003 year was the passage of two new laws that determine 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 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 KASE. At the beginning of 2004 the KASE will change 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 order to meet the more complicated requirements of market regulation, we created 2 new sub-divisions: the Supervision department and the Monitoring subdepartment under the Listing department. Our main tasks for 2005 are to: • modify the Listing rules; • re-fresh the KASE basic legal framework; • modernize our main information technologies; and • launch a completely new version of the KASE web-site. FUTURE OUTLOOK By the resolution of Kazakhstan government a program was approved on securities market development for the years 2005- 2007. Within the framework of this program, in 2005, the Exchange will revise listing rules, in order to bring them into conformity with the new legislation and include changes concerning the dividing of the two official categories of the exchange's trading list into subcategories. The plans of KASE for 2005 include: • adding requirements for listing companies concerning requiring the presentation of information about using corporate governance norms; • organizing an initial offering of government bonds (T-bonds) on the stock exchange; • creating a reserve center, which could be used as a reserve trade platform in case of emergency. For realizing this task it's planned to found a subsidiary company, whose competence will comprise the reserve copying and storing of information of the trade organizer and central depository; • developing and launching new indexes of the stock market; • re-designing and launching an updated version of the KASEs website with improved navigation and some new features; and • adding the participation of unit investment funds on the stock exchange.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 KAZAKHSTAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks Jan-05 20.4 1.1 100.6 5.3 Feb-05 36.9 1.8 93.4 4.7 Mar-05 23.7 1.1 27.8 1.3 Apr-05 79.1 3.8 199.5 9.5 May-05 67.6 3.4 49.2 2.5 Jun-05 72.0 3.3 94.0 4.3 TOTAL 299.8 2.4 564.5 4.6 Bonds Jan-05 5,399.0 284.2 12,786.2 673.0 Feb-05 5,058.4 252.9 7,459.6 373.0 Mar-05 4,424.8 210.7 8,002.7 381.1 Apr-05 6,006.9 286.0 8,809.5 419.5 May-05 5,786.9 289.3 9,440.9 472.0 Jun-05 7,174.9 326.1 8,714.4 396.1 TOTAL 33,850.9 274.9 55,213.3 452.4 Other Jan-05 562.4 29.6 n/a n/a Feb-05 617.7 30.9 n/a n/a Mar-05 787.5 37.5 n/a n/a Apr-05 755.4 36.0 n/a n/a May-05 823.8 41.2 n/a n/a Jun-05 1,701.0 77.3 n/a n/a TOTAL 5,247.8 42.1 n/a n/a Market Capitalization US$ Millions Index Jan-05 3,990.4 217.8 Feb-05 3,859.1 216.5 Mar-05 4,171.2 243.0 Apr-05 4,367.6 265.9 May-05 4,873.5 300.3 Jun-05 4,897.3 311.9 CONTACT INFORMATION MONTHLY STOCK VOLUME VS INDEX (US$ Millions) 80 70 60 50 40 30 20 10 0 Stocks Index Contact Name Mr. Babenov Bolat E-mail bolat@kase.kz Website www.kase.kz MONTHLY MARKET CAPITALIZATION (US$ Millions) 350 5,000 300 4,500 4,000 250 3,500 200 3,000 2,500 150 2,000 100 1,500 50 1,000 500 0 0 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun PAGE 91
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