U.S. dollar market of Kazakhstan: day results

/IRBIS, Feb. 10, 00/ - In the table below main indicators of the Kazakhstan dollar market are stated (U.S. dollar occupies more than 98% of all exchange market). -------------------------------------------------------------------------- US dollar trades at the Kazakhstan stock exchange (KASE) ----------------------- ------------- ----------- ----------- ----------- Toll USD TOD USD TOD USD TOM USD SPOT Session Main Additional. Evening Evening Time of trades (ALM) 10:15-11:00 11:30-15:30 14:00-18:00 14:00-18:00 Average weighted rate 139,86(+0.04) 139.83 - - Volume of session (mln) 3,115(-2.870) 0,300 0 0 Demand price 139,86 139,81 *139,77 - Supply price 139,87 139,86 *139,92 *139,89 ----------------------- ------------- ----------- ----------- ----------- Indicative US dollar quotations in the interbank market in the information system REUTERS at KASE sessions closing (disregarding settlement dates) ----------------------- ------------- ------------ ---------- ----------- Demand price 139,81 139,84 139,82 Supply price 139,86 139,89 139,87 -------------------------------------------------------------------------- Notes: As the market quotations the best demand and supply prices at the moment of trades closing are shown. In case of absence those in the KASE trade system the last quotations are shown, which are marked with an asterisk (in this table - at 17:00). By the indicative dollar quotations in the REUTERS information system, tenge in comparison with the previous day closing both on dollar demand has increased by 8 and 7 points on supply. The country's exchange market remains active. Some dollar decrease on the interbank market at the middle of day has been stipulated by payments on State Securities and, mainly, the National Bank purchasing. The dealers have been convinced that the short-term banks' liquidity will be restored by evening due to notes redemption. It has been confirmed by the overnight tenge deposits quotations, which has reached in middle of a day 8/13% p.a., and have decreased to 3/7 by evening. The dollar quotations after decrease under tenge deficit influence have been completely restored by evening and have reached the level of KASE morning session closing. Despite of traders conviction (according to REUTERS interrogation) in dollar growth, objective indicators testify to more constrained participants' behavior. In the dealers opinion, there are devaluation expectations, which has been strengthened by the official dollar rate increase to 139.65 from 139.45 tenge. To the some degree dealers' forecasts concerning decrease in the foreign exchange earnings supply become true. The National Bank does not prevent dollar rate growth at the existing trend. All these factors allow to speak that the market is expects for the further dollar strengthening. This mood will be supported on Friday by the notes redemption to the sum of 2,001.9 million tenges. On the other hand, the National Bank is not interested in fast devaluation, and absence of U.S. dollar deficit in the market of country. Thus, the current situation analysis does not allow to expect an essential business condition change on Friday. Most likely, some banks will try to speculate on dollar rate growth. But it will be hardly supported by the traders majority in view of high risk of long positions opening at the present circumstances. At the final weekly trades dollar, most likely, will continue to become stronger. But the speed of strengthening will hardly exceed 10-15 points.