U.S. dollar market of Kazakhstan: day results

/IRBIS, November 8, 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) 154.40(-0.06) 154.32(-0.12) - - Volume of session (m) 87.945(+83.900) 1.920(-1.045) 0( 0) 0 Bid 154.35(-0.12) 154.32(-0.11) - - Offer 154.37(-0.11) 154.33(-0.11) - - Number of participants 17(+3) 11( 0) 0(-2) 0 ---------------------- --------------- ------------- ----------- ------------- Indicative U.S. dollar quotations in over-the-counter market in information system REUTERS at closing of KASE sessions (disregarding settlement dates) ------------------------------------------------------------------------------ Bid 154.32(-0.13) 154.29(-0.13) 154.28(-0.12) Offer 154.38(-0.12) 154.34(-0.13) 154.34(-0.11) ------------------------------------------------------------------------------ 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. Toda in the first half of the day Kazakhstan money market suffered stress. After Thursday's statement of Grigory Marchenko money traders started selling dollar in high volumes at KASE's main session mainly in their clients' instructions. As the results trade volume exceeded absolute historic stock exchange's volume 2 times as much, and the National Bank had to purchase at trades $53 m in order to prevent sharp tenge strengthening (position of the head bank at the trades were explained by Mr. Marchenko today in the interview of REUTERS). However in the afternoon the excitement stopped. The day trades were calm with usual volumes and gradual tenge strengthening, and National Bank's head said in the interview to REUTERS that the National Bank would not let the sharp tenge strengthening relative to US dollar take place, though he did not exclude its further growth in the beginning of the next week". Judging on the results if the day one can expect the increased USD offer volume in the first half of the next week and further tenge strengthening relative to dollar. However, in the opinion of IRBIS analysts, falling of the market will not be deep, and in the second half of the week correcting movement of the market will allow dollar partly to regain its positions. [2002-11-08]