U.S. dollar market of Kazakhstan: day results
06.05.00 00:00
/IRBIS, May 6, 00/ - Following is the table of major indicators of Kazakhstani
market for U.S. dollar (more than 98% of country's all currency market).
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US dollar trades at the Kazakhstan stock exchange (KASE)
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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 142.32 (+0.26) Not indicated - -
Volume of session (mln) 6.170 (+2.335) 0 0 0
Bid 142.30 142.33 - -
Offer 142.31 142.36 - -
Number of participants 13 5 0 0
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Indicative US dollar quotations in the interbank market in the information
system REUTERS at KASE sessions closing (disregarding settlement dates)
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Bid 142.25 142.30 142.30
Offer 142.35 142.38 142.38
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Notes: Best bid and offer 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 18 points on supply of the American currency.
Today the currency market of the country was not less active as it was
yesterday. Firming of the dollar could be easily traced in all sectors of the
market. Impulse, that was given to the market as early as yesterday, was
quite strong to change the conjuncture. Coming holidays and three days-off
associated with it played not less important role in positive perception of this
impulse. With large amounts of free funds in correspondent accounts of the
banks there was a need to invest them somehow. However, it should be kept
in mind that all settlements by the results of the trades held today will be
made on Wednesday only. Therefore, gambling of some traders to raise the
exchange rate of the dollar was speculative grounds.
Under current situation the National Bank has offered the investors a slightly
unusual notes with 55 day circulation term and raised more than one billion
tenges, thus solving the problem of excessive liquidity on the eve of holidays.
It affected the behaviors of the dollar quotations in the second half of the
day. Quotation frequency has sharply fallen, and additional trades of the
Exchange have not produced any results, and the exchange rate of the
dollar, based on the quotations, has stabilized.
Significant weakening of the tenge against the dollar today may imply that
the market will open strong on Wednesday, May 10. Apparently, the
exchange rate of the dollar will continue its growth at a moderate speed.
However, it is also apparent that one can not talk about an emergence of a
new trend on the currency market. It is likely that soon the market will return
to its balance.