U.S. dollar market of Kazakhstan: day results

15.07.02 00:00
/IRBIS, July 15, 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) 154.14(+0.26) 153.86(-0.04) - - Volume of session (m) 6.930(+3.990) 5.715(-0.770) 0 0 Bid 153.15(+0.28) 153.84(-0.04) - - Offer 153.16(+0.28) 153.86(-0.06) - - Number of participants 17(-1) 14(-2) 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 154.12(+0.25) 153.82(-0.05) 153.85(+0.07) Offer 154.19(+0.27) 153.88(-0.05) 153.89(+0.06) ---------------------------------------------------------------------------- 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 past day was heterogeneous regarding conjuncture of the US dollar market. The first half of the day was influenced by the local factor: during the morning session at KASE one of the second tier banks purchased a lot of dollars, which leaded to fast growth of American currency rate. Sellers succeeded to use demand and held trades with growing prices during almost the whole trade. At the second half of the day exporters, attracted by high US dollar price, tried to use the advantages of the situation. However, the offer volume appeared to be very large. During the day exchange trade dollar lost 28 points. Its rate fell from 154.14 to 153.86 and became below the level of the morning market opening. In parallel interesting events occurred at the repo market at the Exchange. Last week banks generally offered free money, but today the situation was vice versa. Demand on the shortest money was high, "overnight" rates grew a lot, and the National Bank was forced to decrease double its position in that sector, allowing pension market subjects to support short-term liquidity of the banks. Not excluded that need of some STB in the shortest money was the main reason of very rapid USD rate decrease at KASE in the afternoon. Significant price fluctuations at dollar market during the day leaded to activation of speculation with American currency, which also assisted the rate fall in the afternoon. In IRBIS analysts' opinion, general conjuncture of the financial market changes its direction to the decrease of tenge liquidity under pressure of budget payments. This can cause the growth of dollar offer volume and, as a consequence, tenge strengthening. However, the strengthening is not likely to be great. IRBIS specialists expect weak fluctuations of the rate within 153.70 - 154.00 tenge per dollar on the next week. At that on Tuesday weighted average rate of USD during the main session will, most likely, decrease relative to the figure, reached today. [2002-07-15]