U.S. dollar market of Kazakhstan: day results

/IRBIS, July 11, 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) 153.72(-0.32) 153.83(-0.09) - - Volume of session (m) 7.275(-4.370) 3.600(-1.440) 0 0 Bid 153.72(-0.24) 153.83(-0.08) - - Offer 153.73(-0.26) 153.89(-0.03) - - Number of participants 16(-3) 11(-4) 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 153.71(-0.24) 153.80(-0.09) 153.78(-0.11) Offer 153.76(-0.24) 153.85(-0.09) 153.83(-0.11) ---------------------------------------------------------------------------- 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 at the currency market of Kazakhstan was dynamical and heterogeneous on US dollar price conjuncture. Results of the morning session showed that technical correction of the USD rate, which was caused not by market over-heating, but large sale of exporters receipts on Wednesday and stabilizing actions of the National Bank on Tuesday, is almost finished. The bottom of the market was formed at 153.70 tenge per dollar, and again sellers were able to bring the rate out of this level, though resulting decrease of US dollar price by results of the trades was significant. High potential of the dollar to strengthening was shown during the day session at KASE. Having opened it at 153.75 traders successfully played it high, having increased the rate by 8 points to 3:30PM. However, over-the- counter market moderately reacted on this flow, according to quotations of the day closing (see table). Results of the day showed that positions of the dollar are rater strong. They are based on high ask from the side of banks' clients, non-interesting of the National Bank in significant strengthening of tenge and redundant short-term liquidity of STB. The market stabilized, but looks more upwards than downwards. Mainly this happened because there was no any large dollar volume entered from exporters this month. In IRBIS analysts' opinion, stable balance was not reached yet at the market. It is more likely that on Friday we will see a little US dollar rate growth during the morning trades at KASE. The situation can be changed only by sharp growth of USD offer volume, and the possibility of it is rater high. But, in any case, the market will gradually climb to 153.90. The tactics of behavior of the leading bank of the country and reaction on it by main Exchange participants are the evidence of it. [2002-07-11]