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KAZAKHSTAN SECTOR RESEARCH
Kazakhstan Financial MarketsSecurities Market
May 1998
| … young but rapidly developing … | The stock market of Kazakhstan is comparatively young. It has already achieved considerable development, yet still has a long way to go to become a well-formed and stable structure. The Kazakhstani stock market has certain peculiarities that might predetermine its rapid development. On the one hand, the economy needs more investments each year, which can be implemented only by means of the development of a reliable stock market. On the other hand, Kazakhstan has a lot of enterprises that are of great interest for foreign investors and owing to production peculiarities and capacities can become leaders in the global economy. The political situation in Kazakhstan can be described as stable, the government has consistent policy, which also contributes to the reliability and safety of investments in local financial market. Moreover, the government, the National Bank and the Ministry of Finance have done everything possible to make the securities market well-functioning since the very beginning of its development. Tough requirements were established for participants of the market – broker-dealers, registrars; Central Securities Depository and a settlement system were founded to provide for prompt and reliable implementation of transactions; the legislative framework was considerably improved in 1997. Privatisation carried out in the latter years attracted many investors as an opportunity for direct investment. The idea that as a result of a tender an enterprise is taken over by "the most suitable" managing company also contributes to the confidence of investors in the stability of the stock market. |
© Kazkommerts Securities 1998. Please cite source when quoting. This report has been prepared by Kazkommerts Securities and provided solely for information purposes to recipients only. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. This information does not constitute an offer to buy or sell securities. Kazkommerts Securities or its affiliated persons may be buying, selling or holding long or short positions, acting as investment bankers, be represented on the Board of the issuers in securities mentioned herein. This report is not intended for the use of private investors. Investment in Kazakhstan markets is an extremely risky activity and many persons, physical and legal, may be completely or partially restricted from dealing in the Kazakhstan securities markets. |
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