U.S. dollar market of Kazakhstan: day results

/IRBIS, June 26, 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) 148.31(-0.14) 148.12(-0.21) - - Volume of session (m) 5.465(+1.905) 10.470(+6.370) 0 0 Bid 148.29(-0.13) 148.10(-0.21) - - Offer 148.30(-0.13) 148.15(-0.18) - - Number of participants 12(-3) 13(+2) 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 148.26(-0.17) 148.08(-0.20) 148.05(-0.22) Offer 148.33(-0.15) 148.13(-0.20) 148.10(-0.26) ----------------------------------------------------------------------------- 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. Нconjuncture at US dollar market of Kazakhstan gradually changes towards prevailing of USD offer over demand for it. During KASE's morning session the moderate pressure upon the market from above almost entirely compensated by demand from outside of second tier banks and their clients. Only low opening of the market predetermined the resulting tenge's strengthening by the result of trades. In the afternoon the situation changed. The significant growth of dollar offer from outside of several traders at a time required the National Bank be involved into the market in order to prevent too strong strengthening of tenge. Judging on results of the trade it's possible to say that Kazakhstan dealers entirely ignore the pronounced dollar's falling relative to euro at FOREX (at 19:30 of Almaty time euro was traded at 1.1428/31 USD). Conjuncture at Kazakhstan domestic market is formed under the influence of endogenous factors. In the opinion of specialists of IRBIS, some banks' local deficit of tenge liquidity, which has started appearing, which is concerned with participation of in primary floatations of Astana's bonds of the 6th issue and Halyk Bank of Kazakhstan OJSC of the 3rd issue, and also with formation of quarter indicators of activity, should be placed among such the factors. Rates of repo "overnight" go on growing. The very high demand was stated today also during floatation of МЕОКАМ-36 of the Ministry of finance. Though main volume of this demand was not satisfied. Corporate securities (CS) market has also significantly activated. Restructuring of portfolios by investors, which has been caused by net bonds offer, caused growth of exchange's CS market today up to USD8.2 m. In other words, everything, except US dollar is bough at the market now. And its inflow to exchange's floor is made mainly by big banks, which serve exporters. In the beginning of the week dollar was gradually falling because of small volume of transactions, and today volume of deals at KASE increased two times relative to Wednesday due to offer. Judging on parameters of day's closing, tenge will go on strengthening its positions on the last day of the week. [2003-06-26]