U.S. dollar market of Kazakhstan: day results

/IRBIS, September 24, 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) 154.81(+0.25) 154.80(+0.20) - - Volume of session (m) 2.745(+1 720) 2.030(+0.230) 0 0 Bid 154.79(+0.24) 154.78(+0.17) 154.70 - Offer 154.80(+0.23) 154.80(+0.18) - - Number of participants 18(+1) 13( 0) 3(-) - ----------------------- -------------- ------------- ----------- ------------- Indicative U.S. dollar quotations in over-the-counter market in information system Indicative U.S. dollar quotations in over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) ---------------------------------------------------------------------------------- Bid 154.77(+0.25) 154.78(+0.21) 154.76(+0.12) Offer 154.82(+0.15) 154.83(+0.21) 154.81(+0.13) ---------------------------------------------------------------------------------- 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. Sharp decrease of USD inflow to KASE, which is observed for the second day, caused today significant increase of dollar rate. It was shown mainly during the morning session, when traders managed to open the active phase on high level. In the afternoon the market was passive. The current conjuncture did not allow dollar to strengthen its positions. This aroused IRBIS specialists' impression concerning the fact that one must not take the market as the one tending to grow. Exporters are still rather active at the stock exchange. And though the main volume of exporters' currency proceeds in this month, judging on all facts, remained back, the risk of appearing of high-volume offer is still high. It is not excepted that exporters wait for more profitable prices just as it was in the end on previous month. Today the market did not seem to be exceptionally clients' one. Behavior of some traders are the evidence of rather developed speculative component in their behavior. However it did not determine the market conjuncture. Despite excessive tenge liquidity and convenient moment to raise the market, traders still do not believe in compliance of demand, which is formed mainly due to clients' bids. Thus players close long positions using minimal price difference. Evidently the main activation of dollar purchasers is ahead. Parameters of day closing (table) and general situation at the market allow to assume that ion Wednesday USD sellers will open trades ion high level. It is most probable that dollar will manage to regain several points from tenge, however the speed of the rate growth may be slower than on Tuesday. [2002-09-24]