U.S. dollar market of Kazakhstan: day results
20.06.03 00:00
/IRBIS, June 20, 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.
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Trades in U.S. dollars at Kazakhstan stock exchange (KASE)
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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) 148.62(+0.17) 148.52(+0.06) - -
Volume of session (m) 11.980(+9.535) 5.860(+0.725) 0 0
Bid 148.66(+0.21) 148.52(+0.08) - -
Offer 148.67(+0.21) 148.57(+0.11) - -
Number of participants 17(+5) 12(-1) 0 0
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Indicative U.S. dollar quotations in over-the-counter market in information
system of REUTERS at closing of KASE sessions (disregarding settlement dates)
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Bid 148.61(+0.19) 148.54(+0.14) 148.49(+0.04)
Offer 148.66(+0.19) 148.59(+0.09) 148.52(-0.03)
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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.
The day at US dollar market of Kazakhstan demonstrated an attempt to
develop correcting movement of USD upward due to rather strong demand
that was especially felt at KASE's morning session. In the opinion of IRBIS
specialists, appearance of this demand has been caused by several factors.
Ending of budgetary payments in the current month has resulted in falling of
demand for tenge. Banks managed to restore short-term liquidity, and they
had an opportunity to extend the currency positions. Necessity of
Development Bank of Kazakhstan CJSC to redeem on July 14 the
syndicated loan to the amount of the basic debt equaling to USD28.0 m.
allows to assume purchases by this bank of currency at KASE with the help
of the National Bank, whose behavior at the exchange's floor today was
more similar with behavior of a second tier bank, rather than with tactics of
basic "stabilizer" of the market.
However judging on results of the day there is no impression of the
significant growth of dollar's potential. Attempt of one of banks, which was
serving exporters, to test the market "for solidity" during the day trade by
selling one million and a half dollars resulted in rate's falling from 148.64
to 148.52. As the result the day closed neutrally relative to Thursday, and on
Monday, most probably, traders will take waiting position.
Results of technical analysis give signals for market's turning upward to the
next correcting movement, which IRBIS specialists consider as the quite real
the next week in the formed situation. However the psychological mood of
market's participants will hardly promote to development of this movement.
Largest banks did not take part in purchasing of dollars at KASE that now
does not let expect the significant speculative demand for USD, which is
necessary development of the correction.
[2003-06-20]