U.S. dollar market of Kazakhstan: day results

/IRBIS, Feb.29, 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 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 140.44(+0.12) Not indicated - 140.64 Volume of session (mln) 9.740(+0.555) 0.780 0 0 Demand price 140.46 140.50 140.55 *140.62 Supply price 140.47 140.53 *140.65 *140.67 Number of participants 21 4 3 3 ----------------------- ------------- ------------- ----------- ----------- Indicative US dollar quotations in the interbank market in the information system REUTERS at KASE sessions closing (disregarding settlement dates) ----------------------- ------------- -------------- ---------- ----------- Demand price 140.45 140.47 140.62 Supply price 140.49 140.54 140.67 ---------------------------------------------------------------------------- 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 17:30PM and for USD_SPOT - at 17:45PM). By indicative interbank quotations of the dollar in REUTERS information system, tenge lost 32 points in comparison with previous day closing on demand and 30 points on supply of the American currency. Today currency market was more active than it was yesterday. Firming of the dollar on the main session of KASE stimulated active quotation work of the dealers on additional and evening Exchange sessions, where it continued up to the very closing of currency trades. But it was not only the quotations. In the afternoon deals were made both on TOD and SPOT terms, with the prices of each Exchange deal of the second half of the day being higher than closing parameters of the main session of KASE. Less active interbank market of the first half of the day totally changed in the afternoon. The last hours of the day were characterized by an explicit growth in the dollar quotations up to 140.62 - 140.67 tenge per unit. With that, there is no deficit of tenge among the participants. On the contrary, rates of the shortest money fell to normal market levels - 3/8 APR. It is more likely to be caused by repayment of MEKKAM-3. Results of the day show that devaluation expectations has grown more than they did yesterday. The Ministry of finance did not offer interesting SS in current situation. Notes are to be offered on Thursday only. There is a high probability of further firming of the American currency on the next trades of the week, which is confirmed by both market indicators and by the behaviors of the dealers on the Exchange trades. The dollar has a big margin of safety. However, its firming rate, in IRBIS analysts' opinion, will be regulated by the head bank of the country and will hardly exceed the one that was achieved today.