U.S. dollar market of Kazakhstan: day results

/IRBIS, Dec 6, 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) 149.64(-0.12) 149.80(+0.23) - - Volume of session (m) 4.020(-15.635) 1.750(-0.365) 0 0 Bid 149.70(-0.03) 149.75(+0.19) - - Ask 149.72(-0.02) 149.80(+0.20) - - Number of participants 17(-2) 9(-3) 1 1 ----------------------------------------------------------------------------- Indicative U.S. dollar quotations on interbank over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) ----------------------------------------------------------------------------- Bid 149.69(-0.02) 149.70(+0.13) 149.78(+0.20) Ask 149.74( 0) 149.77(+0.15) 149.83(+0.18) ----------------------------------------------------------------------------- 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. As it was assumed, compensation decline of dollar rate after quick growth has been not deep and not long since it was caused not by repurchase of dollar or banks' deficit of tenge but the fixation of gain by separate traders on opened earlier long positions. This fixation was provoked on Wednesday by the National Bank, which with its sales defined the level of market resistance at morning trades. Therefore nothing surprising is in that currency traders today started again "playing upwards". It was assisted by relatively high liquidity of banks increased in the second half a day at maturity of GS. Taking into account that the most significant maturity will take place on Friday, new trial looks really based. The market started turning upwards at morning session yet. And only low level of trades opening didn't allow weighted average rate to get to the higher level. During day session this problem had been solved. Trades have been opened by deal at 149.70 and closed at 10 points higher causing corresponding movement of evening over-the-counter quotations. In general dollar market looked active and liquid. It is more likely that demand for dollar mainly is based on increased interest of population to cash currency since the exchange rate of cash surely went upwards. Not least role is played almost complete absence of currency gain of exporters at KASE since it's not a time of its realization. But key role, according to IRBIS analysts, belongs to high speculative attractiveness of dollar. Speculative component in banks behavior today was very evident and the rate is growing mainly at speculative demand. Trades at repo sector of KASE showed today that value of the shortest money relative to Wednesday almost didn't change. For Friday there is no any deficit of tenge expected. Taking into account parameters of day closing given in the table it can be anticipated the growth of further rise of dollar rate. At that he speed of this growth in case of non-intervention of the head bank of the country could be very significant.