JULY 22 2021 (The Bulletin) — Stocks of companies registered on foreign stock exchanges bounced around levels they have held for some time. The only significant mover was Georgia Capital, the beer-to-healthcare conglomerate, which shed 6.5% of its value. This follows similar losses last week. Analysts have said that the fall is linked to profit-taking.

Other losers include Kaspi.kz, the Kazakh fintech company, and Kazatomprom, the Kazakh uranium miner. Again, analysts have said that their losses can be linked to recent rises and profit-taking.

Some stocks did rise, but not by much. Centerra Gold, the Toronto-listed company that owns the Kumtor gold mine, or at least did until it was expropriated by the Kyrgyz government saw its share price rise by nearly 1%. 

Anglo Asian Mining, the Azerbaijan-focused gold miner, saw its share price increase by 1.5%.

Georgia’s TBC Bank also saw a small increase in its stock value.

ENDS

— This story was published in issue 493 of the Central Asia & South Caucasus Bulletin, on July 22 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

JUNE 16 2021 (The Bulletin) — Copper prices crashed by around 10% after China said that it would sell off some of its state reserves, a move that analysts said was designed to suppress high global prices. This pulled down stocks closely linked to copper, including Central Asia Metals which produces copper from slag heaps in Kazakhstan.

Central Asia Metals’ share price was trading at 240p on the London Stock Exchange, a drop of 10.6%. This is its lowest level since mid-February. The region’’ other major copper producer, KAZ Minerals, de-listed from the London Stock Exchange in May.

Gold prices have also fallen but this had less impact on the region’s gold producers. Analysts said that this is was because Toronto-based Centerra Gold’s share price has already been dragged down by the expropriation of its main mine in Kyrgyzstan and Anglo Asian, which mines in Azerbaijan, is closely linked to the Azerbaijani government.

ENDS

— This story was published in issue 48 of the Central Asia & South Caucasus Bulletin, on June 16 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

JUNE 8 2021 (The Bulletin) — Most stocks pushed down after investors looked to bank profits after a general rise in stock markets across the globe. 

The biggest loser was Anglo Asian, the Azerbaijan-focused gold producer, which lost 7.8% of its value. Anglo Asian is notoriously volatile and has pinged up and down over the past few weeks. 

Other metal and mining companies on stock markets also fell, with Central Asia Metals, the Kazakhstan-focused copper producer, slipping by 3.25% and Centerra Gold, which is listed in Toronto, dropping by 2%. 

Centerra Gold is trying to stop the Kyrgyz government from expropriating its biggest asset, the Kumtor gold mine in eastern Kyrgyzstan.

On the upside, Kaspi.kz, which listed in London last year and has seen its share price more than double because of the success of its banking and marketplace app, rose by another 2.3%.

ENDS

— This story was published in issue 487 of the Central Asia & South Caucasus Bulletin, on June 9 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

MARCH 15 (The Bulletin) — Stocks in the region mainly pushed up with Bank of Georgia, listed on the London Stock Exchange, recording a rise of more than 10%. Its share price has been volatile over the past few weeks with results highlighting the negative impact of the coronavirus pandemic on profits, although in a  later statement the bank said that it was looking forward to a far better 2021.

Georgia Capital, the beer-to-healthcare conglomerate, also saw its share price increase, pushed up by a relaxation in coronavirus pandemic conditions and what analysts said were signs of an economic bounce back. 

The region’s metal producers saw their share price slide slightly. a consequence of some profit-taking.

Kaspi Bank, the Kazakh fintech stock and one of the current stars of the London Stock Exchange, saw its share price rise by another 0.9%, continuing its strong run.

ENDS

— This story was published in issue 475 of the Central Asia & South Caucasus Bulletin, on March 15 2021

— Copyright the Central Asia & South Caucasus Bulletin 2021

FEB. 11 2021 (The Bulletin) —  Shares in companies in the South Caucasus and Central Asia region tracked commodity prices, pushing up to new highs. Commodity prices have remained strong throughout the pandemic, supporting mining companies. With the exception of Bank of Georgia, Georgia Capital, TBC Bank and Kaspi, the stocks tracked in the region are all miners.

The share price of KAZ Minerals, the London-listed copper producer, pushed up to near 810p, a 2-1/2 year high, already oustripping an offer of 780p per share that a Kazakhstan-funded group of private investors have offered shareholders. And their offer was an increase on the 640p that they had originally offered shareholders in November. In March last year, KAZ Minerals’ shares had hit a low of 300p.  The only stock that didn’t push up in value was Anglo Asian. Analysts said that this was because of its surge already this year.

— ENDS

— This story was first published in issue 471 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

JAN. 22 2021 (The Bulletin) — Anglo Asian Mining’s share price continues to surge with better-than-expected results and news of new finds. The company, which is part owned by the Azerbaijani government is also one of the winners of a war between Armenia and Azerbaijan over the disputed region of Nagorno-Karabakh as it has been promised new gold mine concessions.

Far less buoyant are banking stocks in Georgia with both Bank of Georgia and TBC Bank trading down. This follows a downgrade by the Fitch ratings agency of the Georgian banking sector because of the impact of the coronavirus.

Another stock that has traded down recently is Kaspi, the Kazakh company that owns Kaspi bank. Analysts said that another 5% fall in its share price was a reflection of concern over the durability of the company’s app, on which much of its share price is built. It has been hit by a handful of glitches.

— ENDS

— This story was first published in issue 469 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

JAN. 8 2021 (The Bulletin) — Stocks in companies in Central Asia and the South Caucasus that are listed on Western exchanges finished 2020 strongly. Stock markets have shrugged off intensified lockdowns and instead banked on a return to normality by Easter.

The biggest riser over the Christmas period was this year’s major listing from the region, Kaspi, which moved up 20%.

Georgian banks also performed strongly, with both TBC Bank and Bank of Georgia rising more than 8%. They are still down by a third, though, from the start of 2020, reflecting the economic impact of the coronavirus pandemic wrought.

  Metals and mining stocks saw generally sluggish growth over the festive period but, relative to other stocks, they had a decent 2020. Central Asia Metals, the Kazakhstan-focused copper producer, is now trading at 225p, up from 215p at the start of 2020.

— ENDS

— This story was first published in issue 467 of the Central Asia & South Caucasus Bulletin

— Copyright the Central Asia & South Caucasus Bulletin 2021

JULY 31 (The Bulletin) — With the exception of the region’s two main listed gold miners, Centerra Gold and Anglo Asian Mining, and also TBC Bank, which analysts said gained ground because it had been oversold in the past few weeks, stocks in the Central Asia and South Caucasus region fell. 

They generally tracked stock markets around the world which dipped with business confidence. Confidence has been hit by the prospect of a second wave of coronavirus infections and deaths.

The biggest fallers were Bank of Georgia, down 8.6%, and Georgia Healthcare, down 7.1%, but even KAZ Minerals, the Kazakhstan-focused copper producer, which presented a decent set of Q2 figures traded down.

Gold miners rose because, with investors getting increasingly nervous, gold price also rose.

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— This story was published in issue 455 of the Central Asia & South Caucasus Bulletin, on July 31 2020.

— Copyright the Central Asia & South Caucasus Bulletin 2020