U.S. dollar market of Kazakhstan: day results

/IRBIS, June 27, 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) 148.00(-0.31) 147.94(-0.18) - - Volume of session (m) 36.365(+30.900) 12.630(+2.160) 0 0 Bid 148.00(-0.29) 147.89(-0.21) - - Offer 148.01(-0.29) 147.94(-0.21) - - Number of participants 11(-1) 13( 0) 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 147.99(-0.27) 147.80(-0.28) 147.78(-0.27) Offer 148.01(-0.32) 147.94(-0.19) 147.88(-0.22) ------------------------------------------------------------------------------- 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. Events at US dollar market of Kazakhstan were unusual for this period of the month today. Under conditions of absence of tax payments volume of trades in USD reached $49 m. exceptionally thanks to dollar offer. In order to prevent tenge from abrupt strengthening National bank had to significantly support the market from below. Only in the evening dollar managed to win 14 points from tenge due to demand of banks, which were buying USD for fixation of profit on short positions, and also banks, which were satisfying bids of clients-importers. Nonetheless, prices managed to break support, which was 148.00, and consolidate lower. Results of currency dealers questioning, which was made by IRBIS agency, are the evidence of the fact that most banks sell currency proceeds of their clients, which still ignore falling of oil price and euro's rate at the world markets. Traders and analysts of IRBIS are surprised in a way by exporters' wish to get rid of their currency reserves in this situation, however clients' bids must be carried out. Position of the National Bank, which continues to "step back" under the pressure of offer, despite the fact that tenge in nominal expression started growing relative to rouble and euro, also surprises. In the opinion of traders, some role, but not significant, for tenge strengthening was also played by primary floatation of new bonds at KASE. Some banks were selling dollars for purchasing of Astana's bonds and corporate securities of Halyk Bank of Kazakhstan OJSC. However volume of primary floatations was not high enough to significantly influence upon the currency market. All dealers not the high liquidity of the market on tenge, and also the fact that exporters sell dollars even in presence of small need in the national currency. Banks' traders, under the pressure of their clients' behavior, expect further strengthening of tenge at least in July. One can judge about the forecasted depth of dollar's falling on the results of technical analysis, according to which breaking of by the market 148.20 potentially opens it on 147.02. In the opinion of analysts of IRBIS and banks' dealers, the next week rate of tenge will go on growing relative to dollar. [2003-06-27]