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Stock Market / Finance in Central Asia

  • Kazakh hydrocarbon field's shareholders membership changes

    KAZAKHSTAN, 2016/01/11 Kazakhstan’s “Kokel Munay” company received 50 % of the subsoil use rights in "Bekturly Vostochnyi" in the Mangystau region of Kazakhstan, which follows from the supplement, signed to the arrangement between the Ministry of Energy of Kazakhstan, the Kazakh national oil and gas company "KazMunayGas" in 2015, Kazakhstan Stock Exchange (KASE) reported on its website.

  • Asian Markets Marginally Higher In Thin Holiday Trade

    ASIA, 2015/12/26 Most Asian stock markets are closed on Friday for the Christmas Day holiday. Part the markets that are open, Japan, China and Taiwan are up with modest gains in thin trading. The Japanese market is higher in thin Christmas trading, next briefly dipping into negative territory before. A lot of traders are away from the market for the Christmas holidays. Additionally, a stronger yen weighed on exporters' stocks. In late-morning trades, the benchmark Nikkei 225 Index is adding 73.4 points or 0.39 % to 18,863.05, next falling to a low of 18,756.17 before. Part the major exporters, Panasonic is declining 0.5 %, Sharp Corp is losing 3 % and Canon is down 0.3 %. Meanwhile, Casio Computer is adding additional than 1 %.

  • Uzbekistan sees sharp devaluation of national currency

    UZBEKISTAN, 2015/11/05 Uzbekistan saw a sharp devaluation of its national currency, the som, against the US dollar in October, according to the Central Bank of Uzbekistan. The official rate of the som, as set by the Central Bank, amounted to 2621 som per dollar at the end of September 2015. This price has fallen to 2692.13 som per dollar, a drop of 2.2 %, over the month as compared with figures from 2014, at the same time as the price fell from 2367.4 som to 2.383 som per dollar. Uzbekistan saw a 0.7 % decrease in its official som rate.

  • Economic slowdown expected in Caucasus, Central Asia

    AZERBAIJAN, 2015/10/26 For oil exporters of Caucasus and Central Asia, the economic increase is projected at 3.75 % for 2015, down from nearly 5.5 % in the previous year, despite a sizable fiscal stimulus in some nations (3 % of GDP in Kazakhstan and 1 % of GDP in Uzbekistan), the International Monetary Fund announced in its recently published statement. Slower increase in oil production in Azerbaijan and Kazakhstan, fewer remittances from Russia to Uzbekistan and less public investment in Turkmenistan, inclunding weaker confidence resulting from currency depreciations, have contributed to the economic slowdown, according to the statement. “Increase is expected to pick up in 2016 to 4 %, as increase strengthens in significant trading partners, such as Russia and the euro area, and as domestic confidence improves,” said the statement.

  • Fitch says Kazakh Eximbank has weak asset quality

    KAZAKHSTAN, 2015/09/24 Exim's IDRs are based on the bank's Viability Rating (VR), which reflects a narrow franchise, weak investment quality, high reliance on shareholders for funding and modest profitability. The ratings as well take into account currently solid capital ratios, the statement said. Exim is a part of a broader business of its shareholders, who are as well majority owners of one of the major private electricity companies in Kazakhstan, Central-Asian Electric-Power Corporation (CAEPCo, BB-/Outlook Negative). Fitch does not explicitly factor in support from CAEPCo into Exim's ratings, but the bank's credit profile benefits from the shareholder's ability to originate business for the bank on both sides of its balance sheet.

  • S&P says Kazakhstan's financial system vulnerable

    KAZAKHSTAN, 2015/09/15 Standard & Poor's Ratings Services affirmed its long-term foreign and local currency sovereign credit ratings on the Republic of Kazakhstan at 'BBB', the rating agency reported on September 14 At the same time the rating agency affirmed the short-term foreign and local currency ratings at 'A-2' and the Kazakhstan national scale rating at 'kzAA+'. The outlook on the long-term ratings remains negative. “The ratings on Kazakhstan continue to be supported by the general government's net investment position, which follows recent years of fiscal and external surpluses.

  • The devaluation of Kazakhstan's national currency,

    UZBEKISTAN, 2015/08/27 The devaluation of Kazakhstan's national currency, the tenge, will have no impact on the exchange rate of Uzbekistan's soum, Jahongir Abdurasulov believes. The official of the Central Bank of Uzbekistan told journalists on August 26 that the Kazakh tenge was devalued by 25 % and this was not a amaze for Uzbekistan. "The floating tenge rate will not impact us," he noted. The weighted average rate of tenge fell to 255.26 tenge per dollar from 188.38 tenge for the initial trades on the Kazakhstan Stock Exchange on August 19. Again on the following day, Kazakh Prime Minister Karim Massimov announced that Kazakhstan had launched a new monetary policy based on a free-floating tenge and canceled the currency corridor.

  • ADB Kazakhstan for implementing government programs

    KAZAKHSTAN, 2015/08/27 The Asian Development Bank has approved a loan for Kazakhstan worth $1 billion to assist the Central Asian country to continue implementing government programs aimed at strengthening the national economy in the face of recent challenges. “This loan from ADB’s Countercyclical Support Facility will give the country the fiscal leeway it needs to mitigate the unanticipated and significant negative impacts of the steep decline in world oil prices and the economic slowdown of the neighboring nations,” Lotte Schou-Zibell, Principal Economist in the Central and West Asia Department, said. “It will help the government modernize infrastructure and maintain spending programs for job creation, social services, support to low-gain households, and private sector development, particularly for small businesses.” The programs will be supported by transfers from the National Fund of Kazakhstan, ADB’s loan, and proposed funding from other development partners.

  • Kazakh president urges government to save budget funds

    KAZAKHSTAN, 2015/08/06 Kazakh President Nursultan Nazarbayev has urged the government to save budget funds at a conference with Prime Minister Karim Massimov and Chief of the Presidential Government Nurlan Nigmatullin, the press service of the president reported on August 3. "Due to the deteriorating market conditions, inclunding the lowering prices for our major export products, it is necessary to introduce general saving of funds. These measures should be provided in the next year's budget," the president said. President Nazarbayev further added that despite all the difficulties, the government should prevent the slowdown of economic increase and the worsening of the social situation of Kazakh citizens.

  • EFSD to finance Toktogul HPP in Kyrgyzstan

    KYRGYZSTAN, 2015/07/09   The Council of the Eurasian Fund for Stabilization and Development has approved an investment loan worth $100 million to Kyrgyzstan. The loan will finance the second stage of the rehabilitation project for the Toktogul Hydropower Plant, EFSD said on July 7. EFSD, formerly the EURASEC Anti-crisis Fund, is an international financial institution established by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan with the goals of assisting its member states in overcoming the consequences of world financial crisis, ensuring their long-run economic stability, and fostering the economic integration of EFSD member nations.
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