Kazakh Stocks Decline Most in World, Led by Kazakhmys, ENRC
Sept. 2. Bloomberg
By Zijing Wu
Kazakhstan’s stocks slumped the most among global equity markets as falling metal prices dragged down Kazakhmys Plc and Eurasian Natural Resources Corp., the nation’s largest listed commodity producers.
The Kazakhstan Stock Exchange Shares Index had the biggest decline in more than two weeks, dropping 4.7 percent to 1,308.52 and trimming this year’s gain to 33 percent. Kazakhmys and ENRC together account for about a quarter of the gauge.
The London Metals Index of primary metals sank 3.6 percent, headed for the biggest drop in more than two months, as of 3:26 p.m. in London. Copper fell to the lowest in more than a week as stockpiles surged to the highest in two months.
Kazakhmys, the country’s biggest copper producer, slumped 9.9 percent to 2,163 tenge in Almaty. It lost 4.5 percent in London, headed for the steepest drop in three weeks.
ENRC, a ferrochrome, aluminum and iron ore producer in Kazakhstan, declined 7 percent to 2,000 tenge, the lowest level since Aug. 17. It slipped 3.1 percent in London trading.