/IRBIS, September 11, 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)         154.58(-0.04) 154.47(-0.13)           -             -
Volume of session (m)  7.120(-2.440) 6.250(+4.100)           0             0
Bid                    154.57(-0.02) 154.47(-0.12)           -             -
Offer                  154.58(-0.02) 154.50(-0.10)           -             -
Number of participants        16(-3)        13(+1)           0             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                    154.53(-0.05) 154.47(-0.07)             154.47(-0.08)
Offer                  154.58(-0.04) 154.52(-0.07)             154.52(-0.08)
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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.

New principally new occurred today at dollar market of Kazakhstan. Under the pressure of growing volume of export currency proceeds sale the market dollar rate continues to gradually approach to the value of official quotation of the National Bank.

At the morning session, due to high level of demand for dollar from one STB, it was possible to keep the market at KZT154.58 per dollar. In the afternoon the situation became less favorable for sellers. Effect of local factor stopped, and another participant came to the stock exchange with big volume of bids for USD sale. He acted as USD seller in 44 out of 45 deals, which were made at the trades. As the result USD rate during the trades fell from 154.55 to KZT154.47 per unit. Total volume of USD sale at the stock exchange increased relative to previous day from $11.7 to $13.4m.

Results of the day show that potential of tenge to strengthening is high now, despite the fact that there are many free means at banks' correspondent accounts. Stock exchange indicator TONIA fell today below 4.5^ APR - level of, which lately characterize enough short-term liquidity of STB. At this, the National Bank had to sterilize the market of automatic repo for very large sum or rates of "overnight" would fall much lower.

Everything that was said above, and also parameters of the day closing (table) allow IRBIS analysts to expect the further strengthening of tenge to dollar at KASE on Thursday as well as to forecast in the nearest future interference of the National Bank with stock exchange's trades in order to support dollar market from below.

[2002-09-11]