U.S. dollar market of Kazakhstan: day results

/IRBIS, March.01, 00/ - Following is the table of major indicators of Kazakhstani market for U.S. dollar (more than 98% of country 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 140.70(+0.26) Not indicated 140.80 - Volume of session (mln) 18.230(+8.490) 0.300 0.300 0 Demand price 140.69 140.72 140.76 140.75 Supply price 140.70 140.77 140.84 141.05 Number of participants 22 5 4 4 ----------------------- -------------- ------------- ----------- ----------- Indicative US dollar quotations in the interbank market in the information system REUTERS at KASE sessions closing (disregarding settlement dates) ----------------------- -------------- -------------- ---------- ----------- Demand price 140.65 140.70 140.76 Supply price 140.71 140.76 140.84 ----------------------------------------------------------------------------- Notes: Best bid and ask prices at closing of the trades are shown as the Exchange quotations. By indicative interbank quotations of the dollar in REUTERS information system, tenge lost 14 points in comparison with previous day closing on demand and 17 points on supply of the American currency. First half of the day in the market was very active. Not seeing USD sellers outside Exchange, dealers have concentrated the interests on the KASE's main session. The high and organized demand caused the next dollar increase. The growth rate was quite high, which was also stipulated by increase of official US dollar rate at once by 35 points. The dealers said (results of REUTERS interrogation) that the National Bank was compelled to make rigid measures on USD rate regulation and has sold large volume of dollars. Thus, the Bank on the one hand has provoked a great demand, on the other - has undertaken measures against the further development of the provoked tendency. The after-dinner market was less active. The dealers attempted to rise the dollar even above. However there were no adequate demand. The dollar price on the additional session varied from 140.70 to 140.72 tenges for unit. The transactions at Thursday accounts recorded dollar rate growth in comparison with the basic session by 10 points only. Dynamics of the interbank after-dinner quotations also testified to a dealers' restraint concerning long positions in USD. The events occurred on a background of banks' sufficient tenge liquidity, which, judge by the shortest money quotations, did not decreased. The current growth of dollar rate for the last 7 days is evaluated by trend 22.7% p.a. The previous seven-day period has been characterized by 9.8% p.a., which is much lower. For the last two days the average weighted effective yield of the discount State Securities has grown: not indexed on devaluation - from 13.4 to 15.7% p.a., indexed - from 9.1 to 9.5% p.a. Notes - 42 and MEKKAM-6 auctions will be held tomorrow. Their primary market yield will hardly probable interesting for the investors. Most likely, they will prefer notes, but demand will be not so big as earlier. Thus, it is possible to assume that the part of banks' free money will work tomorrow in the currency sector and dollar will increase. As the past day has shown, the speed of dollar strengthening is indirectly regulated by the National Bank. Therefore it is difficulty to predict this parameter.