Kazkom falls 40% in half a year09 march 2015, 14:54
Shares of Kazkommertsbank, the largest private bank in Kazakhstan, has fallen by 40 percent ovef the past six months, Tengrinews reports citing the Kazakhstan Stock Exchange (KASE).
In September last year the bank's stock were traded at around 460 - 500 tenge per share. After that the securities began to tumble but rebounded to 400 tenge by the end of 2014. The shares of Kazkom continued the downward trend in the beginning of the year and in February they were traded at around 300 tenge.
By March 5, Kazkom shares led st another three percent and cost 280 tenge. This was the 4.5 months' lowest. Such price was last registered on 21-22 October last year.
Earlier, experts said that Kazkom shares at the end of last year were highly overvalued as the bank was repurchasing its own shares from Samruk Kazyna, which led to an increase in demand for the securities. According to experts, it was to supposed to drive the price further up, possibly to 600 tenge. However, analysts pointed out that the general shortage of liquidity at the Kazakh capital marked was also supposed to be taken into account since it could make the bank's shares less attractive, particularly for private investors.
Writing by Dinara Urazova, editing by Tatyana Kuzmina