U.S. dollar market of Kazakhstan: day results

/IRBIS, Dec.26, 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 trades (AST) 10:15a-11:00a 11:30a-3:30p 2:00p-6:00p 2:00p-6:00p Weighted average rate 145.14(+0.09) NA - - Volume of session (mln) 29.785(+10.835) 1.240(+0.740) 0 0 Bid 145.12 145.10 - - Offer 145.13 145.17 - - Number of participants 17 8 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 145.12 145.12 145.12 Offer 145.16 145.18 145.17 ----------------------- --------------- ------------- ----------- ----------- 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 lost 1 point on ask bid and remained unchanged on offer bid of the American currency in comparison with previous day closing. The day was characterized, based on the parameters of the main trades of the Exchange, by a record high demand for the U.S. dollar. Yesterday big sales of the dollars by the National Bank were not able to satisfy existing demand of the second tier banks completely. Today demand was even greater. However, the traders got less active during the day trades. Dollar was able to gain back from tenge only one point relative to the main session. It seems as if the market is close to its saturation point with the American currency. It is also confirmed by the fact that some second tier banks were selling USD in significant volumes today. Repo rates went up quickly, especially for the shortest borrowing terms, though they are still much lower than current devaluation rate. By the end of the day the market did not look like "overheated". Over-the- counter bids kept showing a slight inclination of the dollar towards the growth in the afternoon. The repayments of the first issue of MEKAVM-12, municipal bonds and Komirbank OJSC (Ekibastuz) bonds serve as the sources of free funds for the banks. Therefore, the amount of money raised in repo sector of the KASE fell down to KZT2bln. The GB offerings conducted by the Ministry of Finance and the National Bank were not able to have a noticeable impact on the market, as the demand was insignificant. In the opinions of the IRBIS analysts, on Wednesday the dollar will keep going up at the KASE, though the devaluation of the tenge might be much lower.