U.S. dollar market of Kazakhstan: day results
/IRBIS, December 13, 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) 155.58(-0.17) 155.70(-0.04) (-) - Volume of session (m) 17.660(+6.490) 10.880(+7.595) 0( 0) 0 Bid 155.57(-0.17) 155.70(-0.02) (-) - Offer 155.58(-0.17) 155.75(+0.01) (-) - Number of participants 16(-5) 15(+2) 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 155.55(-0.17) 155.68(-0.01) 155.68(-0.02) Offer 155.58(-0.19) 155.73(-0.01) 155.74( 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.
As the whole pre-holiday at US dollar market of Kazakhstan dissimilar according to conjuncture.
KASE's main session worked towards correcting falling of prices due to offer of banks, which specialize in exporters' proceeds selling. It came to money market in the final phase of correcting movement. Technical level of maximal possible correction at 155.39 turned out to be lower than official USD's rate and much lower than support level, which was formed today by the country's head bank. It is not excluded that traders felt that level and started purchasing dollar at day trades. Though it may be considered as pure pre- holiday demand. Precisely this demand changed market's conjuncture in the afternoon having strengthened dollar at 155.85 with a little prices falling at closing of stock exchange's day session at 155.70.
According to results of the trades banks' positions at the market were interesting. Out of 20 banks, which took part today in making of deals on dollar at KASE, two went out of the market with zero net-position, only one participant worked for sale and only 6 - only for purchasing. Number of net- purchasers reached 12, number of net-sellers did not exceed 6. Total volume of trades in comparison with Thursday increased 2 times as much.
As the whole results of the day form contradictory impression. Judging on the day session, the market finished correction and is ready for the further movement towards major raising trend. But the week was closed below the level of that trend and it makes it possible that the market will develop according to the scenario of further tenge strengthening due to exporters' currency proceeds inflow. This is also proved by necessity of tax payments after holidays and the last data about development of domestic economics, which can support tenge.
Traditional pre-holiday demand for USD and a very high banks;' short-term liquidity, which can bring influence of tax payment to naught, say about contrary.
Most probably, the next wee money market will be very active but there will not be significant prices fluctuations, because the strongest factors will be working both for tenge strengthening and for dollar strengthening.
Results of technical analysis do not exclude prices' coming back after the holidays to the key level 155.97 and its next breaking with market's raising higher than the formed top to near 156.60. However it is difficult to say when it will occur - the next week or before the New Year.
[2002-12-13]