U.S. dollar market of Kazakhstan: day results

/IRBIS, March 21, 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) -------------------------- -------------- ------------- ----------- ----------- Instrument 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 Weighted average rate 141.42(-0.17) Not indicated - 141.50 Volume of the session(mln) 4.425(-7.445) 0.310 0 0.200 Ask 141.41 141.34 141.45 141.50 Bid 141.42 141.39 - 141.60 Number of participants 18 4 3 3 -------------------------- -------------- ------------- ----------- ----------- Indicative US dollar quotations in the interbank market in the information system REUTERS at KASE sessions closing (disregarding settlement dates) -------------------------- -------------- -------------- ---------- ----------- Ask 141.32 141.34 141.35 Bid 141.42 141.40 141.45 ------------------------------------------------------------------------------- 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 gained 14 points in comparison with previous day closing on demand and 12 points on supply of the American currency. Today tenge strengthened its positions on the Exchange market. Both the main and additional sessions confirmed it. However, after 4:00PM quotations of the American currency and the price of a single deal on forward terms indicated the dealers' expected growth in the exchange rate of U.S. dollar on Thursday and Friday (we remind that due to Nauryz holidays Kazakhstani financial markets will be closed on Wednesday). Indicative quotations of interbank market were less concrete than those of the Exchange. With quite wide spreads they showed unwilling and faint firming of the dollar against the tenge in the afternoon. In IRBIS analysts' opinion, these dynamics of currency market indicators were caused by an influence of free funds deficit in correspondent accounts of BST. Quotations of the shortest money reached their peak in the afternoon - 16/24% APR. By the evening "overnight" rates fell down to yesterday's level - 10/20% APR. In repo sector of KASE money was attracted by the banks for 2 days at 15.00% APR, for 6 days - at 21.82% APR. Notes-35, offered by the National Bank today, were not asked for: with insignificant volume of applications, the yield asked by the dealers could not satisfy the emitter. The issue of MEKKAM-12 had the same fate. Based on quotations of the dollar on TOM and SPOT terms, deficit of free funds will decline only on Friday when firming of USD can be expected. It is hard to make a solid prediction for Thursday. Tenge has equal chances of getting back some points and loosing some against the U.S. dollar as well.