U.S. dollar market of Kazakhstan: day results

/IRBIS, Sept 20, 01/ - Following is the table of major indicators of Kazakhstan market for U.S. dollar (more than 99% 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 11:30a-3:30p 2:00p-6:00p 2:00p-6:00p Rate (KZT/USD) 147.75(+0.02) 147.73(+0.01) - - Volume of session (m) 1.615(-8.070) 0.365(-0.160) 0 0 Bid 147.74(+0.02) 147.72(+0.02) - - Ask 147.75(+0.02) 147.73(+0.01) - - Number of participants 20(+2) 11(-2) 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 147.70(+0.03) 147.68(-0.01) 147.68(-0.02) Ask 147.75(+0.03) 147.73(-0.01) 147.73(-0.02) ---------------------------------------------------------------------------- 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's quotations the best prices for ask and bid at the closing of trades are given. The whole day US dollar market of Kazakhstan were demonstrating the stability on the background of minimal rippling of quotations and prices for the American currency. The slight growth of dollar rate on the morning session at low volume of trades resulted outbid of dollar and afternoon the market returned back to Wednesday's rate. Bid for the American currency is low. Due to non significant ask of exporters' currency earning there was growth of market in the morning. Some few banks which were selling dollars, managed to be bullish. However, the only trader was enough to advantage ask over bid on the daily session. By day results traders are not greatly interested in dollar as the financial tool. It is possible to judge of it on the basis of high bid during the offering of second issue municipal bonds of Astana. Meanwhile some buyers of bonds were borrowing short money in the repo sector of KASE, what really testifies of limited tenge liquidity. According to IRBIS specialists this factor is the key one in the formation of currency market situation and does not allow banks to declare high bid for USD. Today repo rates on the Exchange again increased up and quotations of the shortest interbank money increased up to 4.5/7.7% APR, by the evening. National bank will hold on Friday the closest sizable maturity of GS (at KZT1,480.0m), and only this will return rates of the monetary market back to previous level. For now the most probable scenario for Friday looks like slight firming of tenge to dollar, on the morning sessions of KASE. Great probability of sizable ask for the American currency, low purchasing power of banks and also lack of interest on behalf of traders to operate with dollar, all these completely will assist the slight tenge firming to dollar.