U.S. dollar market of Kazakhstan: day results
28.02.00 00:00
/IRBIS, Feb.28, 00/ - Following is the table of major indicators of Kazakhstani
market for U.S. dollar (more than 98% of country's all currency market).
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US dollar trades at the Kazakhstan stock exchange (KASE)
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Toll USD TOM USD TOM 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 140.32(+0.20) Not indicated - -
Volume of session (mln) 9.185(+4.910) 0.300 0 0
Demand price 140.31 140.28 *140.29 *140.30
Supply price 140.32 140.33 *140.37 -
Number of participants 19 4 3 3
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Indicative US dollar quotations in the interbank market in the
information system REUTERS at KASE sessions closing (disregarding
settlement dates)
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Demand price 140.28 140.25 140.30
Supply price 140.38 140.30 140.37
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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
17:15PM and for USD_SPOT - at 17:30PM).
By indicative interbank quotations of the dollar in REUTERS information
system, tenge lost 12 points in comparison with previous day closing on
demand and 16 points on supply of the American currency.
The conjuncture of Kazakhstani market of the dollar becomes typical on
Mondays. Now, it three weeks in a row dealers get active on this very day,
which is the continuation of an upward Friday game. Distinctive feature of
Monday: growth in the dollar exchange rate in the morning session. After its
closing the market calms down and becomes less active.
Such pattern was due to several factors. The most important of them - inflow
of money after the repayment of SS at the end of the week with the absence
of placements of interesting securities on the primary market on Friday, and
a systematic increase in official rate of USD by the National Bank. The first
factor makes the short term liquidity of the banks of the second tier (BST) in
tenge to increase, which gets to extreme levels at the end and at the
beginning of the week. The second factor has a certain psychological impact
on the market, and to some extent, stimulates speculative movements in the
trades, which is supported by growing devaluation expectations just before
spring season.
It should be noted though, that resulting firming pace of the dollar is
regulated by the market itself with a little inference (at least at the
Exchange) of the head bank of the country. This pace equals 9% APR, which is
likely to suit the National Bank today.
As it was mentioned above, this Monday was not an exception. The firming
of the dollar in the morning session of KASE became almost the only
registered fact of the growth in the price of USD on currency market of the
country today. The other Exchange trades were less active. The dollar
exchange rate and its quotations were inclined to decrease.
Similar situation was formed on interbank market also. Tenge was inclined to
grow in the afternoon here. Only evening quotations registered a
compensatory growth in the price of the dollar.
Based on the behaviors of market indicators, and also considering the
experience of previous weeks, it seems as if USD will continue to firm in the
morning session on Tuesday with high probability. However, pace of this
firming will be much less than it was today.