U.S. dollar market of Kazakhstan: tenge becomes stronger in the framework of technical correction on dollar sale by exporters

/IRBIS, July 10, 02/ - 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 corresponding 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) 154.03(-0.22) 153.92(-0.37) - - Volume of session (m) 11.645(-5.135) 5.040(+2.640) 0 0 Bid 153.96(-0.30) 153.91(-0.34) - - Offer 153.99(-0.28) 153.92(-0.37) - - Number of participants 19(+2) 15(+3) 0 0 ---------------------- -------------- ------------- ----------- ------------- Indicative U.S. dollar quotations in over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) ----------------------------------------------------------------------------- Bid 153.95(-0.29) 153.89(-0.34) 153.89(-0.25) Offer 154.00(-0.29) 153.94(-0.34) 154.94(-0.25) ----------------------------------------------------------------------------- Notes: weighted average rate is given for main and evening sessions, for additional - closing rate; best ask and offer prices at closing of the trades are shown as the Exchange's quotations. The day brought new tendencies to the US dollar market. Results of Exchange trades allow believing that exporters with dollars sale went into KASE. On the morning session only one bank was selling American currency in large volumes, which specializes on its serving, but during the day session 3 of such banks were already operating as sellers. As a result for 24 hours (at closing rates of the day session yesterday and today) dollar had lost 37 points. At inter-banking over-the-counter market, according to closing day quotations - 25 points were lost. It is known that exporters begin to sell currency at the market at the end of the first decade or in the beginning the second one each month. This time the graph was broken. However the impression is forming that due to high tenge liquidity banks' clients expect maximum prices of dollar prices for beginning to sell it. Stabilizing effect on the market, made by the National Bank during the morning session at KASE on Tuesday, most likely, caused the activation of exporters and closing of long positions by some traders. As a result today USD rate rapidly went down, there is no bottom of the market seen. Hypothetically according to results of the day it can be viewed at 153.90. However, the rate can go deeper under the pressure of growing dollar offer. More likely, new level of balance lies between 153.40 (official rate of the National Bank) and 153.90. In any case parameters of day closing (see table) is an evidence that on Thursday tenge will continue its strengthening against dollar at KASE. [2002-07-10]