U.S. dollar market of Kazakhstan: day results

/IRBIS, October 16, 02/ - Following is the table of major indicators of Kazakhstan market for U.S. dollar (more than 99% of country's all currency market). Trends are shown relative to corresponding figures of previous day. ------------------------------------------------------------------------------- Trades in U.S. dollars at Kazakhstan stock exchange (KASE) ------------------------------------------------------------------------------- Instrument USD TOD USD TOD USD TOM USD SPOT Session Main Additional. Evening Evening Time of trades (AST) 10:15a-11:00a 11:30a-3:30p 2:00p-6:00p 2:00p-6:00p Rate (KZT/USD) 154.18(-0.08) 154.17(-0.06) - - Volume of session (m) 20.255(-4.180) 7.800(+0.640) 0(-0.050) 0 Bid 154.18(-0.07) 154.16(-0.07) 154.14(-0.07) - Offer 154.19(-0.08) 154.18(-0.06) - - Number of participants 15(-5) 16( 0) 3(-2) - ---------------------- -------------- ------------- ------------- ------------- Indicative U.S. dollar quotations in over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) ------------------------------------------------------------------------------- Bid 154.14(-0.09) 154.15(-0.05) 154.13(-0.05) Offer 154.18(-0.09) 154.20(-0.05) 154.18(-0.06) ------------------------------------------------------------------------------- Notes: weighted average rate is given for main and evening sessions, for additional - closing rate; best ask and offer prices at closing of the trades are shown as the Exchange's quotations. Nothing principally new occurs at US dollar market of Kazakhstan. Volume of USD sale at the stock exchange remains high that predetermines tenge positions and necessity of National Bank's participation in exchange's trades (Relative to Tuesday its participation has remained almost the same). However there was an interesting peculiarity as the strong demand for dollar during the whole KASE day session. Despite the fact that the head bank of the country did not take part in these trades, USD sellers managed during the session to raise USD rate from 154.13-154.14 to 154.17-154.18. As the result the stock exchange's trade closed today on the level of its opening, and evening quotations at the over the counter market demonstrated less decrease than yesterday (see the table). Judging on the results there appears impression that traders gradually get ready for changing of the tendency in the dynamics of dollar rate, which is forecasted for the next week. In the first half of this week, most probably, dollar will not manage to change rates because domestic investors will receive currency from coupon payment on sovereign euronotes on the third issue. And in the second half the market really can go up, but dynamics of the rate will hardly be significant. It should be noted that today banks had lack of short-term liquidity, judging on their positions at currency floor and repo market. However there is no necessity to talk about any serious problems. There is very much money, about which results of floatation by the National Bank of its notes testify, during which the issuer managed to sterilize participants' correspondent accounts by almost KZT5.5bn. This amount significantly exceeds volume of tenge, which were put in circulation by the head bank today at money market. Parameters of day closing and general market's conjuncture allow IRBIS analysts to assume that at KASE morning session on Thursday dollar, most probably, will loose some more points. [2002-10-16]