In November of 2003 volume of transactions in foreign currency at KASE reached the equivalent of $404.4 m and decreased by 38.0%

/IRBIS, December 1, 03/ - In November of 2003 volume of transactions in foreign currency at Kazakhstan Stock Exchange (KASE) reached the equivalent of USD404,388.5 th. (KZT59,446.3 m) and decreased relative to October of 2003 by USD247,461.1 th. (KZT36,909.8 m) or by 38.0% (38.3%). In October of the current year the volume of foreign exchange transaction reached $651.8 mn and was the highest monthly turnover volume of foreign exchange transactions at KASE for the whole past history of the Exchange. Relative to November of the last year the volume of transactions on foreign currencies conducted at the exchange increased in the last month by KZT18,885.5 th or by 4.9% in dollar terms and decreased by KZT67.7 mn or by 0.1% in tenge terms. The last November in Kazakhstan was characterized by quite moderate volume of exporters' foreign currency revenues sale at domestic market, what in IRBIS specialists' opinion resulted in decrease of exchange's turnover of foreign currencies relative to October. In turn, considerable oil price decrease at world markets in the second half of October as well as rapid increase of fuel prices at domestic market of Kazakhstan must also be cited among reasons that caused passive strategy of exporters at KASE. The first reason could have negatively affected the volume of foreign currency inflow into the country, the second provided oil industry with sufficient level of tenge liquidity, which allowed them to cut the volume of dollar sale at KASE when making tax payments. Another very important circumstance is that the rate of a dollar relative to tenge in November was very close to the lowest points of the current year, and this did not contribute to increase of USD supply. In IRBIS specialists' opinion, dollar market's amenability to movement in downward direction even in times of small volume of its sales did not encounter noticeable resistance from the side of the National bank, which strives for minimizing inflation risks, which arose from fuel price escalation. This also "scared away" oil industry workers from sale of foreign currency revenues at exchange and led to increase in November (relative to October) of over-the-counter transactions with American currency (see below). Total of 3,090 deals (3,485) were made during November at KASE (here and further comparable figures of previous month are given in parentheses), including: in U.S. dollars on TOD terms - 2,853 (3,394), on TOM terms - 235 (89), in euro - 2 (2), in Russian ruble - 0 (0). 99.94% (99.92%) of the whole volume of conducted deals in the whole turnover of exchange's currency market fell to the stake of US dollar. Volume of transactions in U.S. dollar reached $404,150 th. ($651,320 th.) to the amount of KZT59,411.3 m (KZT96,277.6 m). For comparison, total volume of USD deals in November of 2002 at KASE amounted to $385,295 th. to the amount of KZT59,481.8 m. Tenge devaluation rate against dollar, calculated at exchange's weighted average rate of the main session, is estimated in November 2003 (October 31, 03 = KZT147.77 - November 30, 03 = KZT146.63) by the trend negative 9.39% APR. Last month average devaluation rate of tenge to dollar was negative 9.48% APR. Weighted average rate of U.S. dollar, calculated based on the deals of the main session in November - KZT146.99 per unit. For October of 2003 - KZT147.82 per dollar. Volume of over-the-counter deals in U.S. dollars between the operators- residents of Kazakhstan since November 1 of 2003 till November 25 of 2003 (latest data is currently not available) reached $569,672.0 th. Volume of deals of the whole interbank over-the-counter market during this period: purchase - $571,843.0 th., sale - $612,562.0 th. In euro the volume of transactions reached EUR200 th (EUR450 th.) for amount of KZT35.0 m. (KZT78.5 m). Volume of over-the-counter transactions on euro between operators- residents of Kazakhstan according to the National Bank data since November 1 of 2003 till November 25 of 2003 (latest data is currently unavailable) was EUR1,018.0 th. Volume of deals of entire over-the counter interbank market in this period: purchase - 1,945.0 th., sale - 1,023.0 th. In Russian rouble transactions in October and November were not made at KASE. Volume of over-the-counter transactions on Russian rouble between operators-residents of Kazakhstan according to the National Bank's data since November 1 of 2003 till November 25 of 2003 (latest data is currently unavailable) was RUR32,612.0 th. Volume of deals of entire over-the counter interbank market (taking into account non-residents) in this period: purchase - RUR118,745.0 th., sale - RUR36,900.0 th. [2003-12-01]