Dealers in Kazakhstan wait for insignificant rate fluctuations during the week

/REUTERS, Almaty, Tatyana Seroshtanova, January 10, 03/ - Position of the National Bank and mood of participants of Kazakhstan money market, in dealer's opinion, are major factors, which can determine during the next week direction of market's moving. Fluctuations of tenge's rate will be insignificant, according to market's participants' opinion will vary within KZT155.50-155.85 for $1. "Many things depend on the National Bank, its official rate for the next week. I think there will not be great tenge's rate fluctuations: about 155.65-155.85 for $1", - supposed one Eurasian bank's dealers. "Now many things depend on players' mood at the market. Now almost all banks sell. Everything depends on how budget payments will be made, and whether large banks will have problems with liquidity", - said a dealer of bank CenterCredit. On Friday weighted average rate of tenge at Kazakhstan stock exchange's main session rose to 155.70 for 1 US dollar from 155.73 at previous trades. Volume of the session fell to $7.86 m from $12.83 m on Thursday. According to dealers' words, some participants in the beginning of the week tried to play for dollar's rate increasing, however appearance of a number of large sellers at the market caused its correction in the end of the week. "There just occurred decrease of the rate from the level of KZT155.90. The market started the week from 155.80 for $1, having come up to 156.00. There were banks at the market, which were pulling the rate upwards, however there appeared aggressive sellers with large sale (of dollars), and we came back to 155.80", - explained the dealer of bank CenterCredit. Market's activity, after the New Year and Christmas, is not high. In the opinion of some market's participants, such the situation may remain till the end of January for most clients has just started working. Most market's participants, according to dealers' words, prefer to conduct their deals at the stock exchange, where the main purchaser is the National Bank. "No one purchases at interbank now. Everything occurs at the stock exchange, and the stock exchange - most probably is the National Bank. In the principle the market is active, but not liquid: quotations are wide and it's impossible to do anything, and the only arena at present is the stock exchange", - said a dealer of one of Kazakhstan banks. [2003-01-10]