U.S. dollar market of Kazakhstan: day results

/IRBIS, October 3, 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) 154.53(-0.03) 154.50(-0.05) 154.49(-0.06) - Volume of session (m) 36.705(+31.800) 3.640(+1.140) 1.300( 0) 0 Bid 154.53(-0.02) 154.49(-0.06) - - Offer 154.54(-0.02) 154.50(-0.06) 154.55 ( -) - Number of participants 13(-3) 16(+4) 5(-1) - ----------------------- --------------- ------------- ------------- ------------ Indicative U.S. dollar quotations in over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) -------------------------------------------------------------------------------- Bid 154.49(-0.04) 154.45(-0.09) 154.48(-0.06) Offer 154.51(-0.07) 154.50(-0.07) 154.50(-0.08) -------------------------------------------------------------------------------- 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. Events, which were at US dollar market during the day, clear all doubts concerning influency upon market's conjuncture by redemption of sovereign euronotes on October 2. USD sales volume only at KASE increased today 4.8 times relative to Wednesday. Dealers point to high volume of export currency proceeds sales that is proved by the staff of USD sellers at the stock exchange. One can understand position of exporters, who started selling their proceeds earlier than usually. Inflow increase to domestic dollar market, which was caused by redemption of euronotes, will be trying to decrease US dollar rate. And on the reason that means on redemption will go to domestic investors during the nearest 10-14 days, it is better to sell USD now. Thus, the main USD offer volume was exporters' currency proceeds today not dollar of euronotes' owners. As it was expected, the sharply increased USD offer volume was neutralized by almost adequate demand. However very high demand of second tier banks was a surprise for IRBIS analysts. Position of the National Bank at KASE was much lower today than it had been forecasted, though, jufging on the results of questioning traders by REUTERS agency, participants of the market were confident that level of support was formed by the country's head bank. At the same time volume of USD purchase at KASE by individual more active STB today varied from 1.1 to 10.4m. IRBIS specialists assume that today banks purchased lots of dollars not by clients' bids but by their own initiative for the currency will allow them to "bring" with profitable terms international securities to domestic market, which will be willingly purchased by non-banking organizations at higher prices. There will be quite enough tenge for it. On the other hand it is difficult to explain the high demand of STB. Under the influence of the described factors dynamics of USD rate today was minimal. Very high USD offer volume gradually pulled the market down. Evening trades with Friday settlements were especially interesting, where on the reason of absence of the National Bank it was possible to purchase the cheapest dollars, and some traders took advantage of it. Results of the day allow IRBIS specialists to affirm unambiguously that in the nearest several days, at least, dollar rate at KASE will remain extremely stable and slightly tend to decreasing. Today the National Bank gradually strengthened tenge making concessions to pressure upon the market from above. It is not excluded that in case USD offer volume remains on the same level (that is quite real), such the tactics will be relevant the nest week too. But significant changes of the rate are excepted. [2002-10-03]