U.S. dollar market of Kazakhstan: day results

/IRBIS, September 27, 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) 154.60(-0.05) 154.71(+0.12) - - Volume of session (m) 2.930(+2.285) 3.740(-1.005) 0 0 Bid 154.59(-0.02) 154.70(+0.12) 154.60(+0.10) - Offer 154.60(-0.04) 154.71(+0.13) 154.90(-) - Number of participants 19(+1) 14(-2) 4(+1) - ---------------------- ------------- ------------- ------------- ------------- Indicative U.S. dollar quotations in over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) ------------------------------------------------------------------------------ Bid 154.58(-0.02) 154.68(+0.12) 154.66(+0.08) Offer 154.62(-0.03) 154.71(+0.10) 154.72(+0.09) ------------------------------------------------------------------------------ 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. There were no special changes at US dollar market of Kazakhstan. In spite of IRBIS analysts' expectations, dollar rate tended to decreasing before the non due to sales by on STB, which usually purchases USD in high volume, Nonetheless in the afternoon conjuncture changed. Decrease of offer volume and growth of demand allowed USD sellers to open KASE day session at 154.64 and firmly lead the market by the end of the trade to 154.71. During the session dollar rate used to be on higher levels. As the result day at "interbank" closed with significant growth. In the opinion of IRBIS specialists, events of the second half of the day, fulfilling by banks of reserve requirements, increasing by the National Bank of official dollar rate by 10 points, and also great amount of tenge on STB's correspondent accounts are rather strong base for forecasting of USD rate in the next week. However this forecast is not doubtless. A serious factor, which can prevent the market from going up, is redemption by the Ministry of finance on October 2 of sovereign euronotes of the Republic. With all this going on, according to the National Bank's data, about $210m will come to Kazakhstan investors' accounts that may lead to increased USD offer volume in the end of the week at domestic market. It will be partially neutralized by purchasing of euronotes of Kazkommerts International B.V. and Development bank of Kazakhstan CJSC. However it seems to be evident that its big part will be converted in tenge at domestic market for purchasing of bonds of the Ministry of finance and domestic companies. [2002-09-27]