U.S. dollar market of Kazakhstan: day results

/IRBIS, July 25, 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) 153.89(+0.06) 154.15(+0.34) - - Volume of session (m) 7.650(+2.835) 1.285(-4.315) 0 0 Bid 153.93(+0.09) 154.14(+0.35) - - Offer - 153.17(+0.36) - - Number of participants 1(-1) 12(+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 153.92(+0.10) 154.13(+0.37) 154.16(+0.35) Offer 153.97(+0.10) 154.18(+0.37) 154.26(+0.38) ---------------------------------------------------------------------------- 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 US dollar market of Kazakhstan was marked by surprisingly fast growth of American currency rate. During the morning session at KASE to the moment of trades closing dollar offer was absent. It is interesting also that there was a growth at the -over-the-counter market (see table). Results of trades analysis, conducted by KASE, allows saying that the market received major impulse exactly on the morning session due to very strong demand. According to IRBIS specialists' evaluations, at least one third of dollars, purchased during these trades, were speculative demand. Some traders even succeeded in realization of rate difference during 45 minutes. At the same time, there was also a objective client demand, which was the main reason for uncommon for recent times purchasers' compromise. In the afternoon the market continued to grow like mechanically - with small volumes and less speed. Main dollar price growth occurred after closing of morning exchange trade and before day trade opening. Not excluded that out of the Exchange one of the banks had purchased a lot of currency. Especially the position of one bank at KASE is worth of special attention. By day results it became the most active buyer of USD. In the repo sector this participant borrowed almost KZT3bn, which leaded to growth of short-term money cost and allowed considering the bid of the bank as a local factor. In general IRBIS analysts are not inclined towards overestimate dollar potential to the further strengthening. According to closing day parameters, the trades at KASE will open very high on Friday. But also it is obvious that offer volume of dollar will grow tomorrow as exporters has lots of currency and they will receive a possibility to sell it with acceptable high prices. Based on this observation, IRBIS specialists expect on Friday moderate growth of dollar price and market stabilization at the second half of the day already. [2002-07-25]