April 2003
Blooming bonds, wilting equities
President Nursultan Nazarbayev wants Kazakhstan to become a regional capital markets hub for central Asia. But as Guy Norton reports from Almaty, attracting sufficient investor demand will not necessarily be easy.
SAY WHAT YOU like about Kazakhstan's president
Nursultan Nazarbayev but you could never accuse him of lacking
ambition. Not content with having the best banking, payments
and pension fund systems in the former Soviet states, he also
wants to have the best capital market in the region as well,
and to attract listings from neighbouring countries as a
result.
At the third Congress of Kazakh Financiers held in the country's
financial capital Almaty in February, the sprightly 63-year-old
leader bemoaned the slow pace of development of the country's stock
market and lack of investor interest in it.
The mountain that the country's stock exchange, the KASE, will
have to climb to win investor demand for Kazakh equities is clearly
illustrated by the recent lack of activity on the Almaty
bourse.
"In the last week of February the total trading volume on the
KASE was just $1.7 million - it's a cheap...
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