/IRBIS, September 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.

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Trades in U.S. dollars at Kazakhstan stock exchange (KASE)
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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)         154.71(-0.10) 154.59(-0.21)           -             -
Volume of session (m)  7.075(+4 330) 3.740(+1.710)           0             0
Bid                    154.69(-0.10) 154.56(-0.22)           -             -
Offer                  154.70(-0.10) 154.59(-0.21)   154.62(-)             -
Number of participants        18( 0)        15(+2)       3( 0)             -
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Indicative
U.S. dollar quotations in over-the-counter market in information system
REUTERS at closing of KASE sessions (disregarding settlement dates)
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Bid                    154.65(-0.12) 154.55(-0.23)             154.57(-0.19)
Offer                  154.68(-0.14) 154.60(-0.23)             154.62(-0.19)
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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.

USD market in Kazakhstan destabilized today and was a bit unexpected. The main unexpectedness was traders' behavior, which, on one hand, decidedly (it is difficult to find another word) sold US dollar, and on the other hand - purchased dollars only with quick price decrease. At KASE morning session one bank sold almost $3m during less than 1 minute having pulled the market down by 7 points. At the day trades three sellers pulled the USD market down by more 9 points during 15 minutes. As the result since the beginning of the day dollar at KASE lost almost 20 points. At this total volume of USD sale increased, relative to Tuesday, 2.3 times as much, number of net-sellers decreased, and number of net-purchasers - increased. It is notable that most traders, who were selling dollar today, purchased it that may be considered as expecting of soon market's coming back to the former boundaries.

Results of the day show that the market is not ready yet to go up for USD offer is too high, and importers do not purchase it at high prices. Excessive liquidity on tenge causes only activation of repo sector and increased demand for government securities. It is not excepted that banks' behavior definitely influences the forthcoming end of the quarter. However it is not notable judging on the price of the shortest money. Rates of "overnight" grow for the third day one after another, but indicator TONIA did not exceed today 4.50% APR. Banks were mainly lending at repo sector.

Parameters of closing mean the possible continuation of tendency of tenge strengthening on Thursday. However IRBIS analysts consider it as probable, but the only possible way. It is not excepted that on Friday dollar will come back to the level, which it left today.

[2002-09-25]