U.S. dollar market of Kazakhstan: day results

/IRBIS, Dec 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) 150.47(-0.04) 150.63(+0.13) - - Volume of session (m) 4.845(-8.365) 4.900(+3.745) 0 0 Bid 150.46(-0.05) 150.53(+0.07) - - Offer 150.47(-0.05) 150.63(+0.13) 160.55(-) - Number of participants 19( 0) 11(+1) 2 2 ---------------------- ------------- ------------- ----------- ------------- Indicative U.S. dollar quotations on interbank over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) ---------------------------------------------------------------------------- Bid 150.42(-0.07) 150.56(+0.06) 150.54(+0.04) Offer 150.48(-0.07) 150.62(+0.08) 150.60(+0.04) ---------------------------------------------------------------------------- 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. Last day at currency market of the country has shown that dollar rate is far from stabilization. At morning session of KASE it seemed that the market was stabilizing. But day trades were active. Speculative component in behavior of traders at them was apparent. At the beginning of that trade on of the participants was able to "speed up" the market upward due to huge purchases of USD. It led to fast growth of rate and allowed abovementioned buyer to move to sales at higher price. Therefore, dollar rate at day trades should be considered as a subjective not local event. Probably due to that evening over-the-counter quotations moderately reacted for level of day exchange trade closing. Remarkable characteristic of the day - almost double growth of value of the shortest money in repo sector of KASE at simultaneous increase of deals volume. It can show that there are symptoms of tenge deficit at the market. Analyzing day events IRBIS specialists do not expect at trades on Friday high demand for dollar and prone to stable rate rather than further weakening of national currency. Probably, dollar will win out several points from tenge. However, a probability of dollar rate decline also looks real.