U.S. dollar market of Kazakhstan: day results

/IRBIS, October 18, 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) 154.17(-0.03) 154.40(+0.24) - - Volume of session (m) 6.910(+5.205) 4.700(-3.350) 0( 0) 0( 0) Bid 154.17(-0.03) 154.36(+0.21) - - Offer 154.18(-0.03) 154.40(+0.23) - - Number of participants 18(+1) 10(-4) 0( 0) 0( 0) ---------------------- ------------- ------------- ----------- ------------- Indicative U.S. dollar quotations in over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) ---------------------------------------------------------------------------- Bid 154.15( 0) 154.37(+0.27) 154.37(+0.23) Offer 154.20(-0.03) 154.43(+0.28) 154.42(+0.23) ---------------------------------------------------------------------------- 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 dollar market was different by its conjuncture. The first half of the day was like during the whole week, when there was pure prevailing of dollar offer over the demand from second tier banks and their clients. However market's tendency towards growing were strengthening and it occurred in the second half of the day. Before the afternoon, judging on quotations of over the counter market, some deals were made at much higher prices than in the morning session. On account of this day trades of KASE were opened on high level by traders - at KZT154.21 for dollar. The further events allow to say about almost non- stop growth of dollar rate, which by 3:30p.m. reached 154.40. Such the behavior of prices was caused by significant activation of purchasers in the afternoon. USD was purchased by some banks as well, which usually specialize in its sale. The most active seller deserves special attention, which at the day trades accurately, from deal to deal was pulling the market upwards. Under the influence of stock exchange's prices dynamics at the "interbank" closed with marked growth relative to Thursday (please, the table). Some traders' behavior at KASE day trades allows to say about opening of long positions on dollar. This all occurred due to talks that the market has reached its "bottom", which started on Thursday. It is doubtless that on Monday stock exchange's market of USD will open on high level, and dollar will manage to regain at least 15 points. Nonetheless IRBIS analysts do not hurry to take the new tendency as already formed one. Judging on all, there is much currency at exporters' accounts. As the experience of past three months show, quickening of devaluation rate of tenge causes excessive inflow of USD to the stock exchange's market that stabilizes the rate and prevents USD strengthening tendency from becoming the long-lasting one. It is not excluded that after the raise of dollar rate by 20 or 30 points in the first half of the next week the market will become stable on new price levels. [2002-10-18]