U.S. dollar market of Kazakhstan: day results

/IRBIS, March 31, 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 141.95(-0.02) Not indicated - - Volume of the session(mln) 3.315(-6.470) 1.600 0 0 Ask 141.92 142.02 141.97 142.00 Bid 141.94 142.07 - - Number of participants 18 9 3 3 -------------------------- -------------- ------------- ----------- ----------- Indicative US dollar quotations in the interbank market in the information system REUTERS at KASE sessions closing (disregarding settlement dates) -------------------------- -------------- -------------- ---------- ----------- Ask 141.93 142.02 142.00 Bid 141.97 142.12 142.10 ------------------------------------------------------------------------------- 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 15 points in comparison with previous day closing on demand and 21 points on supply of the American currency. The first half of the day was marked by firming of tenge against the U.S. dollar, which was in line with the trend that was formed on the market late yesterday. Under the influence of limited liquidity in terms of tenges the banks were not able to create essential demand in the main morning session of KASE today. Similar behaviors of the dealers were observed in the first half of additional day trades, where the quotations of the dollar were not so dynamic and fluctuated within 1-2 points. In the afternoon the situation on currency market of the country began to change. The trend of firming American currency was getting more and more apparent both in final phase of the day trades of KASE and on interbank market. After the decision of OPEC and "tariff news" expectations regarding the devaluation remain high. And the banks use each opportunity to raise the market. With this respect, today's low demand for notes-28 of the National Bank was an indicator. Not long ago the banks would give all their free money for these notes. But the conjuncture changes and in current situation the market needs currency SS. This is absolutely true with respect to the assortment of instruments at KASE, where quotations were put out only on one paper denominated in tenge, while indexed by devaluation SS were represented in a wide range. Therefore, the hopes of the National Bank to neutralize free funds of the banks by offering the notes did materialize partially only. Banks chose the dollar. Based on the movements of market indicators in the second half of the day, IRBIS specialists are tend to forecast 10-15 point firming of the dollar against tenge on Monday. For the next week positions of the American currency seem to be solid considering extraordinary repayment volume of SS.