U.S. dollar market of Kazakhstan: day results

/IRBIS, Jan 23, 01/ - 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 145.09(-0.01) NA - - Volume of session (mln) 2.010(+2.680) 0.810(+0.460) 0 0 Bid 145.11 145.07 - - Offer 145.12 145.11 146.03 - Number of participants 18 11 1 1 ------------------------------------------------------------------------------- U.S. dollar quotations on interbank over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) ------------------------------------------------------------------------------- Bid 145.05 145.04 145.03 Offer 145.11 145.10 145.08 ------------------------------------------------------------------------------- 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 4 points on ask bid and 5 points on offer bid of the American currency in comparison with previous day closing. Today demonstrated the trend of declining activity of the currency market participants and the unwillingness of the second tier banks to buy the dollars more than yesterday. Insignificant growth of the American currency during the last 15 minutes of the KASE morning trades did not affect the traders in any way. Due to weak opening of the market weighted average rate of the morning session was lower than it was yesterday. Further on the dynamics of the bids of the dollar remained minimal both at additional trades of the Exchange and on interbank over-the-counter market. It should be noted that during the day session of the KASE the banks of the second tier were only selling USD, by making each consecutive deal at lower price. It caused the dollar to fall down to KZT145.07. Evening bids of over- the-counter market were registering a slight inclination of the tenge towards the growth. The movements of the shortest money prices, which were tend to grow, are of interest. This tendency did not reveal itself in "overnight" rates. However, in repo sector of the KASE today KZT1.1 bln was raised for one day at 4.98 - 10.00% APR. As a result, synchronous weighted average repo rate increased from 5.41 to 7.71% APR relative to Monday. The results of an analysis of this sector makes it impossible to interpret the growth of the rates as a result of free funds deficit for some BST. However, this component exists on the market and has certain impact on it. By the results of the day it can be said that the only factor, that can prevent further firming of the tenge now is the position of the National Bank, who keeps showing his unwillingness to make the dollar fall. So far, such pressures exerted on the market are not making the traders to play upwards, and apparently, not intended to do so. By supporting the dollar, the National Bank is trying to completely stabilize the exchange rate and making some progress in this way. On Wednesday the IRBIS analysts still do not expect noticeable changes in the exchange rate. Its upwards move is refrained by insignificant demand. And more objective downwards movement is facing with the National Bank resistance.