U.S. dollar market of Kazakhstan: day results

/IRBIS, July 9, 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) 147.15(-0.23) 147.13(-0.20) - - Volume of session (m) 33.365(-9.165) 5.305(-2.855) 0 0 Bid 147.14(-0.16) 147.13(-0.19) - - Offer 147.15(-0.17) 147.16(-0.17) - - Number of participants 14(-3) 13(-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 147.14(-0.15) 147.11(-0.13) 146.99(-0.29) Offer 147.15(-0.21) 147.20(-0.16) 147.15(-0.19) ----------------------------------------------------------------------------- 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. Today tenge continued to strengthen to the main reserve currency of the world at the Kazakhstan USD market. Bid for dollar remains low, as the majority of the participants skeptically evaluate the potential of this currency to possible growth, expecting inflows of new export proceeds to the domestic market. Banks prefer to invest free tenge in instruments repo and GS, despite the low yield of such investments. Price movement of USD was within the general downstream trend in a horizontal correction, which reflect the development and power of present tendency. The velocity of the decline is still determined by holding influence of the head bank. STB disposition on the exchange floors at KASE continues to change to the side of increase in net-sellers of dollars over net-buyers, as it forms by the psychological behavior of traders. And traders see that almost nothing hinders the downward movement, the velocity is the only thing changed. Opening of the market downwards increases the speculative component in participants' behavior, which is strengthening tenge positions even more. Results of the technical analysis suggest further tenge strengthening till the end of the week. Breaking of key levels hadn't occurred yet. In IRBIS analysts' opinion, day results didn't bring significant changes to the market. [2003-07-09]