U.S. dollar market of Kazakhstan: day results

/IRBIS, Dec.19, 00/ - Following is the table of major indicators of Kazakhstan market for U.S. dollar (more than 98% of country's all currency market). ---------------------------------------------------------------------------- Trades in U.S. dollars at Kazakhstan stock exchange (KASE) ---------------------------------------------------------------------------- Instrument USD TOD USD TOD USD TOM USD SPOT Session Main Additional. Evening Evening Time of the trades (AST) 10:15a-11:00a 11:30a-3:30p 2:00p-6:00p 2:00p-6:00p Weighted average rate 144.65(-0.10) NA - - Volume of session (mln) 5.035(-3.365) 1.150(+0.200) 0 0 Bid 144.66 144.68 - - Offer 144.69 144.70 - - Number of participants 18 11 0 0 ---------------------------------------------------------------------------- U.S. dollar quotations on interbank over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) ---------------------------------------------------------------------------- Bid 144.64 144.65 144.69 Offer 144.66 144.75 144.75 ---------------------------------------------------------------------------- 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 did not change on ask bid and lost 3 points on offer bid of the American currency in comparison with previous day closing. The next day brought some changes onto the country's currency market. On one hand, the market seems to be balanced, which is fully confirmed by the morning trades of the KASE. On the other hand, the market is getting heated for the next game towards the growth of the dollar. It can be inferred from speculative demand at the morning trades of the KASE, clear growth of the dollar during the day session of the Exchange, which closed today at KZT144.69, as well as the behaviors of some of the banks and their affiliated structures in repo sector of the KASE. Apparently, some traders are trying to use a high liquidity of the currency market, absence of regular dollar supplies of the exporters at the KASE and big repayment volume of GB in this week (KZT5.9 bln). The first inflow of money from the repayment of the notes came today already. However, most of the money will be available for the banks on December 20. It seems as if the dealers, who successfully used "repo - dollar" pattern for the last three weeks, are not going to close their long-term positions and fix the profits. The risk of long positions is growing as the month draws to its end, but it does not stop them. Based on the statements mentioned above, the IRBIS makes the following forecast for Wednesday. The closing parameters of the market and the arguments presented above are saying for the resumption of the dollar's growth at the morning trades of the KASE on this day. Apparently, the growth rate will not be much, since there could be exporters' earnings on the trade floor. In case of insignificant volumes of the currency sales the market can remain at previous levels.