U.S. dollar market of Kazakhstan: day results

/IRBIS, Apr.7, 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 142.40(+0.21) Not indicated - - Volume of the session(mln) 7.765(-1.570) 2.025 0 0 Ask 142.39 142.45 - - Bid 142.40 - - - Number of participants 19 6 0 0 -------------------------- -------------- ------------- ----------- ----------- Indicative US dollar quotations in the interbank market in the information system REUTERS at KASE sessions closing (disregarding settlement dates) -------------------------- -------------- -------------- ---------- ----------- Ask 142.39 142.52 142.60 Bid 142.45 142.62 142.68 ------------------------------------------------------------------------------- Notes: Best bid and ask prices at closing of the trades are shown as the Exchange quotations. Today exchange market was active. Reception of the first half of money on SS redemption of the current week has allowed the dealers to speculate for the dollar rise both on the main and on additional trades. On the basic session the resultant dollar rate growth was stipulated by the high market opening (during trades the rate did not vary essentially), on the additional session each deal was made at the higher price, than previous. In result by 3:30PM dollar price reached a level of 142.58 tenges for dollar. The evening forward accounts trades were idle. It is possible that in the second half of a day the dealers switched to the off-exchange operations. The indicative quotations testified to rather fast dollar growth till the off- exchange market closure. By indicative interbank quotations of the dollar in REUTERS information system, tenge lost 32 points in comparison with previous day closing on demand and 33 points on supply of the American currency. There is an impression of high tenge liquidity of the bank of the second tier. As well as of the banks' desire to invest in dollar. MEKKAM-6 placement has had a limited influence on the dealers' behavior. Quotations of the shortest tenge loans changed from 2/6 to 4.5/7.5-8% p.a. In opinion of the IRBIS experts, the banks will be capable to keep today's dollar rate trend on Monday. However growth rate can be not so high. At the existing limited money base the USD market "overheating" can be reached rather fast.