U.S. dollar market of Kazakhstan: day results

/IRBIS, June 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 142.82 (+0.07) Not indicated - - Volume of session (mln) 3.340 (-0.675) 1.215 0 0 Bid 142.75 142.66 - - Offer 142.78 142.69 - - Number of participants 19 9 0 0 ------------------------ --------------- ------------- ----------- ----------- Indicative US dollar quotations in the interbank market in the information system REUTERS at KASE sessions closing (disregarding settlement dates) ------------------------ --------------- ------------- ----------- ----------- Bid 142.73 142.58 142.63 Offer 142.79 142.64 142.67 ------------------------------------------------------------------------------- Notes: Best bid and offer prices at closing of the trades are shown as the Exchange quotations. By indicative interbank quotations of the US dollar in REUTERS information system, tenge gained 15 points on the demand, and 16 points on the supply of American currency in comparison with the previous day closing. Day results suggest that there were two factors mainly affecting the dynamic of tenge/dollar rate: sufficient supply of the US dollar on the morning and, especially, on the day session, and the need to pay for SS previously bought on the three auctions at the week. The impact of the latest factor was particularly visible at afternoon, when NBK announced the parameters of the additional offering of notes-35. The greater volume of attracted funds falls exactly on this type of securities. The impact of these factors led to further (right up to the closing) development of the trend of tenge rate growth, which had formed on the morning session (during the trades dollar was falling). As it usually happens, only the latest indicative over-the-counter quotations of USD noted the attempt of dealers to strengthen dollar. However, even these quotations were lower than closing parameters of the morning session by 10 points at minimum. Under the influence of market indicators, IRBIS experts concluded that Thursday morning session will see a weakening of the US dollar indicated by resulting quotations. It is possible that the shift could be as much as 10 points and more. From the second half of Thursday, the behavior of forex traders could be caught by repayment of SS at volume equal KZT2.8 bln. However the Ministry of Finance will offer some attractive SS: MEKKAM-3 and MEKKAM- 6. Along with Friday floatation of notes-56, the emissions of SS could deter traders' funds from the forex market. Thus, it might be expected that tenge rate will strengthen till the end of this week.