U.S. dollar market of Kazakhstan: day results

/IRBIS, August 13, 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) 146.39(-0.21) 146.41(-0.20) - - Volume of session (m) 28.470(-9.365) 2.050(-1.995) - 0 Bid 146.37(-0.22) 146.41(-0.19) - - Offer 146.38(-0.23) 146.42(-0.19) - - Number of participants 16(-2) 15(-1) - 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 146.30(-0.18) 146.37(-0.19) 146.37(-0.16) Offer 147.39(-0.23) 146.43(-0.19) 146.43(-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. Events at Kazakhstan market of US dollar developed today in usual way for the period of tenge strengthening. During almost the whole day prices and quotations of USD were falling because of big offer volume, and only during the final hours traders' fixation of profit on short positions let dollar strengthen a bit. Nevertheless, out of stock exchange the market closed with marked decrease. Results of technical analysis determine secondary coming of prices to the formed bottom, which has been formed by the yearly falling of dollar and is on 146.20. This level is the strong horizontal support, from which one should expect a bounce of prices. The bounce may be short-term and can bring prices to 147.40. Rising of the market to the resistance line 147.40, as well as breaking of the support of ascending channel by prices downward, determine beginning of horizontal correction formation with a wider period of development. Previous rising of the market was developing within 12 days. Summarizing the above-mentioned things, analysts of IRBIS expect further decrease of dollar's rate on Thursday and testing of 146.20. In the afternoon reverse movement of the market is possible, and it may exceed today's one by the amplitude. [2003-08-13]