U.S. dollar market of Kazakhstan: day results

/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. -------------------------------------------------------------------------- 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) 154.56( 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) -------------------------------------------------------------------------- Bid 154.53(-0.03) 154.54(-0.01) 154.54( 0) Offer 154.58(+0.01) 154.57(-0.01) 154.58( 0) -------------------------------------------------------------------------- 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]