Daily Updates - 04 July 2008

Top Stories	USD vs KZT	120.56		-0.02%
	KASE Shares Index	2,630.62		1.25%
	KazPrime-3M (KZT)	7.00		-10 b.p.

China-Kazakhstan gas pipeline seeks funding of US$6bn (page 2)

TOO Asia Gas Pipeline seeks US$6bn funding for a pipeline from Shymkent to the Chinese border.  The news is positive for holders of gas resources in Central Asia.

Russia seeks to shore up Caspian gas (page 2)

Russian President Dmitry Medvedev is currently visiting Central Asia to discuss various issues, including Caspian gas.  The increased competition is positive news for holders of gas resources in the Caspian region.

National Fund to exceed US$100bn in five years, ‘Kazyna’ to manage it (page 2)

The figure matches our expectations. Managing the fund by ‘Kazyna’ will provide a better mechanism for investing assets inside the country.

OVERNIGHT HEADLINES: GasPromNeft, Oriel Resources, BTA Bank, National Media Holding (page 3)

INTERNATIONAL: Oil and gas stocks edge down on Thursday (page 4)

KASE: BTA Bank surges on Thursday, pushing the KASE Index up(page 5)

MARKETS: Precious and base metals close on the negative side (page 7)

CALENDAR: Visor Capital Events Calendar (page 8)