U.S. dollar market of Kazakhstan: day results

/IRBIS, Feb.22, 00/ - Following is the table of major indicators of Kazakhstani market for U.S. dollar (more than 98% of country's all currency 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 140.19(+0.03) Not indicated 140.09 - Volume of session (mln) 2.690(-7.300) 1.100 0.500 0 Demand price 140.16 140.08 *140.06 *140.05 Supply price 140.17 140.10 *140.13 *140.15 Number of participants 18 6 6 6 ----------------------- ------------- ------------- ----------- ----------- Indicative US dollar quotations in the interbank market in the information system REUTERS at KASE sessions closing (disregarding settlement dates) ----------------------- ------------- -------------- ---------- ----------- Demand price 140.15 140.06 140.08 Supply price 140.20 140.11 140.13 ---------------------------------------------------------------------------- Notes: Best bid and ask prices at closing of the trades are shown as the Exchange quotations. In case of absence of such in the trade system of KASE, the last quotations marked by stars are given (in this case, for USD_TOM - at 17:25, for USD_SPOT - at 15:50). By indicative interbank quotations of the dollar in REUTERS information system, tenge gained 3 points in comparison with previous day closing on demand and 1 point on supply of the American currency. Quite fast growth of the dollar exchange rate in the first half of the morning session of KASE was the only registered fact of USD firming in the deals today. In the second half of the session, as well as in all subsequent KASE trades, a gradual decrease in the price of the American currency was observed. Unlike yesterday, today indicative quotations of the interbank market showed more explicit firming of tenge against the dollar. Based on the results of the day, it can be said that the market was inclined to go lower more than it was yesterday. The only thing that contradicts with this is a slight growth in bid price of the dollar with TOD terms in last hours of the market. IRBIS specialists are inclined to explain such behaviors of the quotations by the following. Tonight the National Bank will set official rate of the dollar for tomorrow. As the experience of last two weeks shows, the head bank of the country is constantly raising the rate, and thus, it is provoking strong opening of the morning sessions at KASE on Mondays and Wednesdays. It may seem that the National Bank is giving a direction to the market. But after the trades the price of the dollar eventually decreases. Now, there is a high probability that official rate will go up at least by 5 points. Dealers expect such developments and they do not exclude the counter reaction of the market as a strong opening at KASE on Wednesday. Hence, the evening upward moves of the quotations. Based on the facts mentioned above, it can be assumed that the dollar will gain some points from tenge in the main session of KASE tomorrow under the growth of official rate. In other case, the exchange rate of the dollar will fall which is proved by objective indicators of the market in the second half of Tuesday.