U.S. dollar market of Kazakhstan: day results

/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. ----------------------------------------------------------------------------- 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) 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 ---------------------- -------------- ------------- ----------- ------------- Indicative U.S. dollar quotations in over-the-counter market in information system of REUTERS at closing of KASE sessions (disregarding settlement dates) ----------------------------------------------------------------------------- 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) ----------------------------------------------------------------------------- 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]