U.S. dollar market of Kazakhstan: day results

/IRBIS, June 6, 03/ - 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) 149.19(-0.25) 149.19(-0.12) - - Volume of session (m) 44.075(+19.855) 6.350(-7.270) 0 0 Bid 149.18(-0.26) 149.18(-0.12) - - Offer 149.19(-0.27) 149.20(-0.12) - - Number of participants 13(-4) 12(-5) 0 0 ---------------------- --------------- ------------- ----------- ------------- Indicative U.S. dollar quotations in over-the-counter market in information system of REUTERS at closing of KASE sessions (disregarding settlement dates) ------------------------------------------------------------------------------ Bid 149.13(-0.29) 149.16(-0.12) 149.26(-0.03) Offer 149.19(-0.28) 149.22(-0.11) 149.31(-0.01) ------------------------------------------------------------------------------ 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. US dollar market of Kazakhstan continues to develop in the same direction. Volume of dollar sales at KASE abruptly increased today. In the opinion of IRBIS analysts dollars, which were borrowed by means of floatation of euronotes of TuranAlem Finance B.V. appeared at domestic market besides exporters' currency proceeds. Along with banks' unwillingness to remain in dollars at week-end, it strengthened disbalance between demand and supply in favor of the latter that made the National Bank significantly increase the stake of its participation at the market. However tenge, which were given for USD, were taken out of circulation by means of issuing next "long" notes, demand for which is still big. Judging on results of the day one can note that dollar's potential for strengthening seems to be very low now. Making of deal between EBRD and KAZKOMMERTSBANK OJSC, about which IRBIS agency wrote this morning, may strengthen tenge more, because a purchaser will pay by foreign currency for purchased shares. Events at FOREX, where correction of euro's rate downward, which was caused by expectation of the decision of European Central Bank concerning decrease of the rate, has come to end, did not promote to USD's strengthening either and rate of EUR went to historic tops of the year 1998. An unexpected in a way closing of the day in Kazakhstan out of stock exchange also attracts attention. Dollar's indicative quotations during the last hour of market's work rose by 10 points. Analysts of IRBIS assume that it happened under the influence of local demand and will not have consequences for the exchange's market on Monday. In the current situation dollar's rate can hardly develop correcting movement. [2003-06-06]