The master of economy, Bulhairova Zh.S.
The Kazakh Agrotechnical University of S.Sejfullin, Kazakhstan
The main problems of stock market in Kazakhstan
In recent years market reforming
of the Kazakhstan economy allowed to reach a number of serious successes. From
the beginning of functioning in stock market
transition to qualitatively new sources of financial resources, both in the
corporate sphere, and in the sphere of public finances is carried out.
The conditions created for
development in Kazakhstan stock market, exhausted the opportunities, moreover, they slow
down its growth. The market was ground
under inquiries of large investors — the accumulative pension funds (APF). In crisis the regulator toughened
requirements for prudential standards that reduced appetite of accumulative
pension funds to risk, they ceased to buy papers of corporate sector and
switched over to state papers. As a
result the stock market practically died.
Placement of new papers is absent.
To the large companies, first of all raw, the weak local market isn't
interesting, they leave on foreign platforms.
It is possible to refer to
minuses also absence for different categories of investors of the tools created
taking into account characteristics of financial streams of investment Orsk
base. For example, the long-term liquid tools covering the current inflation
are necessary to pension funds.[1]
It is presented indicators of
profitability in KASE market for a row years on table 1.
Table 1 – Indicators of
profitability in KASE market
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2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
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Assets, million |
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Net profit, million |
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Profitability of assets |
|
17,8% |
8,0% |
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Profitability of the capital |
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|
|
|
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Structure of the KASE market is
possible to see in figure 1. The total amount of the auction in KASE 10 months
2012 – $149 451,4 million.
Volume, the Share one million USD from volume, % Currency 77 979.2 52.2 Share 1 076.7 0.7 Bond
1 720.3 1.2 GS 6 929.3 4.6 Repo NS 294.8 0.2 Repo GS 61 451.0 41.1
Figure 1- KASE Market
Structure
The trading volume (1993-2012) can be seen in
figure 2.
Figure 2- Trading volume
for 1993-2012 (billion USD).
The main problems, which
have had negative impact on a condition of securities market in the period of
financial crisis [2]:
- Strengthening of crisis of
liquidity in view of lack of the sufficient funding sources;
- Increase in volume of not
fulfilled obligations of participants of the market,
- Inadequate assessment of
illiquid securities in portfolios collective investors.
Actual problems of stock
market in Kazakhstan [3]:
- The problems connected
with involvement of domestic issuers on stock market: low liquidity of domestic
stock market, need of creation of the new financial instruments addressing in
the organized market, trade activization, and also attraction of investments
into real sector of economy
- Problems connected with
involvement of domestic issuers on stock market
- The problems connected
with involvement of domestic issuers on stock market
- The problems connected
with involvement of investors on domestic stock market
- Insufficient activity of
investors, except for accumulative pension funds and insurance companies, and,
as a result, non-market pricing
- Further improvement of
infrastructure of securities market: lack of an independent assessment of
activity of issuers; risk of non-execution of obligations under transactions,
and also risk of non-payments.
The list used literature:
1.
Official
Internet source of Kazakhstan stock exchange: www.kase.kz
2.
Annual
report of the Kazakhstan stock exchange, 2011
3.
Problems
and prospects developments of stock
market Kazakhstan. Regulation agency of
Kazakhstan and supervision of the financial market and financial organizations,
Almaty, October, 2010