U.S. dollar market of Kazakhstan: day results

/IRBIS, Feb 8, 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 Rate (KZT/USD) 145.34(+0.10) 145.36(+0.03) - - Volume of session (mln) 4.350(+2.990) 2.215(+0.590) 0 0 Bid 145.35 145.34 - - Offer 145.36 145.36 - - Number of participants 20 10 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 145.32 145.31 145.32 Offer 145.38 145.37 145.37 ------------------------------------------------------------------------------- Notes: weighted average rate is given for main session, for additional - closing rate; best ask and offer prices at closing of the trades are shown as the Exchange quotations; in case of their absence the last quotations (marked by a star) in the trades system are given. By indicative interbank quotations of the US dollar in REUTERS information system, tenge lost 4 points both on ask bid and 3 points on offer bid of the American currency in comparison with previous day closing. Today, traders raised weighted average rate of the morning session by 10 points at once using yesterday's upraising trend set at the afternoon. Nevertheless, they were not able to maintain this trend for the rest of a day. The market stabilized at closing parameters of main session. Dollar rate fluctuated within 1-2 points in all market segments. IRBIS analysts suggested that dollar rate fluctuations indicate about failure to destabilize market using speculations. Dollar is growing reluctantly. Free funds are mostly used in the sector of GB. For instance, total demand volume reached today KZT8.9 bln. The issuer raised only KZT3.0 bln. Instead of sterilization operations NBK prefers to seize money flowing from current redemption of GB as well as to lower yields. After stiff cutting-off made on the auction for MEOKAM-36 liquidity of banks was still excessive. In the Repo sector, borrowing volume of short money was falling third successive day. Today it did not exceed KZT185.8 mln. Overnight rate still remains on level of 3.5% unwilling to fall further lower than critical point of 3%. As experience has shown, lower rate of short money would eventually provoke active speculations with dollar (as it happened in early November and end of December) and lead to speeding of devaluation. Friday forecast looks, in the opinion of IRBIS specialists, as follow: further weakening of tenge, with more slow rate of devaluation.