U.S. dollar market of Kazakhstan: day results

/IRBIS, August 13, 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) 154.24(+0.03) 154.24(-0.01) - - Volume of session (m) 5.265(-4.185) 4.950(+2.820) 0 0 Bid 154.25(+0.05) 154.23(+0.01) - - Offer 154.26(+0.04) 154.24(-0.01) - - Number of participants 17(+3) 13(-1) - - ---------------------- ------------- ------------- ----------- ------------- Indicative U.S. dollar quotations in over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) ---------------------------------------------------------------------------- Bid 154.22(+0.04) 154.24(+0.04) 154.22( 0) Offer 154.27(+0.04) 154.29(+0.05) 154.30(+0.03) ---------------------------------------------------------------------------- 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. During the first half of the day conjuncture of the currency market appeared to be favorable for dollar sellers. Offer volume of American currency, whose influence was strongly already felt at the end of the previous week, greatly declined. Bid appeared to be rather high to held sales at growing steadily prices. However, during the day trades at KASE situation changed. Banks that serve exporters were not the only dollar sellers. Sellers were able to open trades rather high - at 154.27 and even to bring the rate to 154.28. However later on the market under pressure of magnifying offer slipped to 154.24. As a result of heterogeneous conjuncture day over-the-counter closed with great spread, reflecting uncertainty of traders in evaluation of the current situation. The interesting peculiarity of the day was the fact that the market from below was upheld generally by one bank, which bought a little more than 60% of all dollars sold at KASE. Particularly this circumstance allowed sellers to bullish in the afternoon and not to loose market later. According to repo sector money market stays liquid. By majority of terms borrowing rates declined. Total volume of repo opening appeared to be half closing volume. Volume of funds on corresponding accounts of STB is growing due to GS settlement and decrease of the National Bank participation share in the market, which usually intercept cheap pension money from banks at higher rates. Today the NBK contented itself with symbolic participation in the repo market. However demand on the shortest money from the part of STB decreased twice relative to Monday. Taking into consideration all stated above, most likely, significant dollar rate dynamics should not be expected on Wednesday. American currency has equal chances to strengthening and loosing of some points. It will depend on offer volume of USD. However IRBIS analysts give little preference to growth of American currency rate. [2002-08-13]