/IRBIS, April 02, 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.

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Trades in U.S. dollars at Kazakhstan stock exchange (KASE)
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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)           152.65(+0.24) 152.71(+0.24)           -             -
Volume of session (m)  13.820(+11.835) 1.100(-1.580)           0             0
Bid                      152.66(+0.23) 152.67(+0.24)   151.75(-)             -
Offer                    152.67(+0.23) 152.71(+0.24)           -             -
Number of participants          21(+7)        11(-2)       1(+1)             0
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Indicative
U.S. dollar quotations in over-the-counter market in information system
REUTERS at closing of KASE sessions (disregarding settlement dates)
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Bid                      152.63(+0.23) 152.67(+0.27)             152.68(+0.26)
Offer                    152.68(+0.23) 152.73(+0.27)             152.73(+0.25)
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Notes: weighted average rate is given for main session, for additional - closing rate; best ask and offer prices at closing of the trades are shown as the Exchange's quotations the best prices for ask and bid at the closing of trades are given.

Dollar market today has revived today due to high demand shown at morning trades by one of the banks of second tier. By results of the day its net position at the purchase totaled 57% of total turnover of the exchange market. Due to this demand the morning currency market received a powerful impulse upward and as it was shown by following events this impulse in general was perceived by the traders. At day trades played on the basis of yesterday's scenario dollar rate did a little bit sit down under the pressure of supply but in final phase of the session USD was not only able to restore lost positions but also significantly improve them.

Results of the market analysis allow saying about locality of the shown demand and, probably, its speculative nature. The bank buying today dollars was actively floating free tenge in repo sector of KASE. It's not excluded that its dealer was opening long position at currency market using excessive tenge liquidity.

Majority of the dealers questioned today by REUTERS estimate a growth of dollar rate as a result of speculative actions. They assume that speed up weakening of tenge may be held till the end of the week but not further since inevitably growing in the middle of the month supply of American currency from the side of exporters should lead to technical correction of the rate. IRBIS analysts fully support this opinion and allow a possibility of correction this week already. Demand for dollar is "solid" enough however it is not able to compete with the supply at the level of $1-4 million not more.

Severe changes in the market conjuncture toward tenge weakening the currency dealers of Kazakhstan anticipate in the second half of April. However, nobody has a full confidence with respect to tenge devaluation.

Parameters of the day closing, low supply of dollars from the side of traditional sellers and high liquidity of the market allow IRBIS analysts to expect further growth of dollar rate on Wednesday.

[2002-04-02]