U.S. dollar market of Kazakhstan: day results

/IRBIS, Apr.14, 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 TOD USD TOD 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 142.31 (-0.10) Not indicated - - Volume of session (mln) 4.205 (+0.130) 2.205 0 0 Bid 142.29 142.16 - - Offer 142.31 142.21 - - Number of participants 15 9 0 0 ------------------------ --------------- ------------- ----------- ----------- Indicative US dollar quotations in the interbank market in the information system REUTERS at KASE sessions closing (disregarding settlement dates) ------------------------ --------------- ------------- ----------- ----------- Bid 142.27 142.16 142.09 Offer 142.32 142.24 142.18 ------------------------------------------------------------------------------- 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 21 points in comparison with previous day closing on demand and 17 points supply of the American currency. The last day of the week on currency market of the country was characterized by a decline in total activity of the participants, which was mainly because the dealers lost their interest in dollars when the exchange rate of this currency was falling. An effective placement of notes, conducted by the National Bank on the eve, played a certain role. Throughout the day the exchange rate of the American currency was inclined to fall, though during the main and additional trades of the Exchange the price of the dollar changed its direction several times. Dealers are trying to reverse the tendency, but the supply of the clients of the banks does not allow them to do so. The market seems to be unstable and volatile. Traders note that the trend can change its direction any time when a quite strong impulse is created. IRBIS analysts believe that the deadline for making tax payments for the year 1999 can serve as a impulse. It is possible that the need to make such payments is forcing the exporters to sell their dollars. Today indicative quotations of interbank market were marked by a vivid trend of firming tenge, which was observed from the morning till the very closing of the market. However, the banks do not have a deficit of tenge. Overnight rates remain within working limits - 4.5-5/8-9 APR. As the dealers say, polled by REUTERS today, current firming trend of the national currency will not last long. They expect the resumption of the exchange rate of the dollar in the next week already. For now, after analyzing the results of the day, it can be assumed that the exchange rate of the dollar will fall against tenge by another 10-15 points in the main session of KASE on Monday.