/IRBIS, October 15, 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)            154.26(-0.04)     154.24( -)  154.23(-0.06)              -
Volume of session (m)   24.435(+12.465)      7.160( -)  0.050(-2.355)              0
Bid                       154.25(-0.10)     154.23( -)  154.21(-0.08)              -
Offer                     154.27(-0.09)     154.24( -)  154.24(-0.06)              -
Number of participants           20(+3)         16( -)          5(-7)              -
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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                       154.23(-0.09)  154.20(-0.04)                 154.19(-0.11)
Offer                     154.27(-0.10)  154.25(-0.02)                 154.24(-0.11)
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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.

Nothing principally new occurs at US dollar market of Kazakhstan. During the whole day tenge was gradually strengthening relative to dollar due to almost tenfold increase of USD offer volume at the stock exchange. In the opinion of traders, which were asked today by REUTERS, the main suppliers of USD at KASE are enterprises-exporters, which sell their currency proceeds. The National Bank's participation at the market remains significant значительной, though it's impossible to say that bid of STB is absent at all: 13 net-purchasers today gave significant support to dollar today, judging on this it is possible to make conclusion that demand for USD grows. However at the present situation nobody wants to buy dollars at high prices.

Kazakhstan dealers do not deny significant influence upon the market by redemption of sovereign euronotes of the republic in the beginning of October, due which to it domestic investors received about $210m. However influence of this factor gradually comes to naught, and some traders expect that the very strong pressure upon the market from above, which is present now, will last no longer than a week. Such the forecast is based on latest data on import and export of Kazakhstan within eight months of the current year, which was published today. After significant growth of export in July there is decrease of the volume of raw stuff supplies to abroad, that in traders; opinion will cause decrease of USD offer volume at domestic market in the nearest future.

As regards Wednesday one can assume that tenge will continue to fluently strengthen at KASE main session for the National Bank does not make strict levels of market support, avoiding sharp increase of monetary base by means of total purchase of USD at the stock exchange.

[2002-10-15]