U.S. dollar market of Kazakhstan: day results

/IRBIS, Apr 19, 01/ - Following is the table of major indicators of Kazakhstan market for U.S. dollar (more than 98% of country's all currency market). Trends are shown relative to the figures of previous day. ----------------------------------------------------------------------------- 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 14:00a-3:30p 2:00p-6:00p 2:00p-6:00p Rate (KZT/USD) 145.50(-0.02) 145.52(+0.03) - - Volume of session (mln) 5.170(+0.985) 2.130(-6.480) 0 0 Bid 145.50(-0.02) 145.51(+0.02) - - Ask 145.51(-0.02) 145.52(+0.02) - - Number of participants 14 9 0 0 ----------------------- ------------- ------------- ----------- ------------- Indicative U.S. dollar quotations on interbank over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) ----------------------------------------------------------------------------- Bid 145.48(+0.01) 145.47( 0) 145.49(+0.01) Ask 145.52(-0.01) 145.52(+0.01) 145.53( 0) ----------------------------------------------------------------------------- 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. The dollar market demonstrated equilibrium during the day. Exchange rate fluctuations were minimal, they did not exceed one point on both sessions: morning and day. The parity between demand and supply was supported by objective market conditions. Currently tenge deficit forced some banks to sell their own forex holdings (besides clients orders), while other bank used the deficit for creation of arbitration between sessions. In this regard, tactics of two traders looked rather interesting. At the morning session, they were only purchasing dollar. Later, on the day session, they sold dollars at higher prices. Considering results of trades, they managed to raise market using liquidity growth resulting from GB redemption. At the same time, redemption of KZT1.5 bln has not had significant impact on the market. Demand for dollar grew slightly. Only evening quotations reflected this. However, after day growth to 7/12%, quotations of shortest money returned to morning levels at the evening (5/9-10%). KASE repo sector registered double decline of borrowing volumes for overnight. This was accompanied by slight decline of yields (from yesterday 6.3% to 5.9%). Most probably, banks reinvested funds into MEOKAM-48. Friday forecast is not definite. GB redemption could result in growth of dollar demand. However, possibility of large dollar supply from banks' clients is high. IRBIS analysts suggest some slight strengthening of the dollar rate.