U.S. dollar market of Kazakhstan: day results

/IRBIS, September 30, 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) 154.72(+0.12) 154.64(-0.04) - - Volume of session (m) 2.930( 0) 4.400(+0.660) 0 0 Bid 154.72(+0.13) 154.67(-0.03) 154.60( 0) - Offer 154.73(+0.13) 154.68(-0.03) 154.73(-0.17) - Number of participants 29(+10) 29(+15) 3(-1) - ---------------------- ------------- ------------- ------------- ------------- Indicative U.S. dollar quotations in over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) ------------------------------------------------------------------------------ Bid 154.72(+0.14) 154.65(-0.03) 154.61(-0.05) Offer 154.73(+0.11) 154.75(+0.04) 154.66(-0.06) ------------------------------------------------------------------------------ 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 past day at US dollar market of Kazakhstan showed that exporters use the least USD price increase for profitable selling it. It seemed that there were all assumptions for prices growth at the morning KASE session for its weighted average rate increased relative to Friday by 12 points at a time. Taking into account the beginning of the month, autumn one, IRBIS specialists waited for the further development of tendency of dollar strengthening, however it did not happen. Exporters, who were attracted by growing potential of the market, came to the day exchange's trades with rather high volumes of dollar sale. The trades opened at 154.70, and during a short time, as the result of lots of USD by two banks, the market went down to 154.65. Only on the final phase of the trade, when the main USD volume was sold, dollar managed to regain 2 points. But the day at "interbank" closed with decrease anyway. The notable moment in the day exchange's session is large number of banks participating in it - 29, as many as at day trades. Events of the day mean that the key moment, which form conjuncture of Kazakhstan money market, is high process for oil in the world. This gives significant supplies of dollar to Kazakhstan, and even having enough tenge liquidity enterprises-exporters provide prevailing of USD offer over demand for it. One should not forget one more factor, which can prevent the market from going up - redemption on October 02 of sovereign euronotes of Kazakhstan of the second issue. Taking into account the mentioned circumstances, and also parameters of day closing (table), IRBIS analysts have to change their forecasts a little bit concerning the market's coming to KZT155 per dollar in the first ten-day period of October. Most probably, USD rate will not raise to this level and will be insignificantly fluctuating in the nearest future. [2002-09-30]