/IRBIS, October 2, 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)            154.56( 0) 154.55(-0.02)  154.55( -)           -
Volume of session (m)  4.905(-6.115) 2.500(+1.500)   1.300( -)           0
Bid                    154.55(-0.01) 154.55(-0.01)  154.55( 0)           -
Offer                  154.56(-0.01) 154.56(-0.01)           -           -
Number of participants        16( 0)        12(-1)       6(+1)           -
---------------------- ------------- ------------- ----------- -----------
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                    154.53(-0.03) 154.54(-0.01)              154.54( 0)
Offer                  154.58(+0.01) 154.57(-0.01)              154.58( 0)
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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.

Today USD market of Kazakhstan demonstrated utter price stability. Stock exchange's dollar rate nearly "stuck" to the official mark being pressed by significant offer volume. Demand of second tier banks for USD was adequate with its offer for the National Bank did not uphold the market from below. As the questioning, which was conducted today by Reuters, show, currency traders do not think that the head bank will allow tenge to strengthen significantly. Thus the market by itself formed corresponding level of support.

Taking into account redemption of Kazakhstan euronotes of the second issue, about which the Ministry of finance informed today, high oil prices at the world market and approaching of the period of traditional exporters' activation at the stock exchange, IRBIS analysts do not expect significant dynamics of dollar rate in the nearest week and a half. Most probable, the market will be firmly pressed from above by high-volume USD offer, and upheld from below by the National Bank, which is interested in replenishment of gold and foreign exchange reserves in presence of monetary base, which is always growing in the end of the year growing.

By IRBIS estimation, the tendency of tenge devaluation at stock exchange's rate in the current year equals at the moment to 3.19% APR. This means that the National Bank, probably, will not let dollar go down even in case of its high volume of sale. Kazakhstan currency dealers also keep to this opinion.

Thus, situation, which was formed today, may last at the market for rather long time.

[2002-10-02]