Daily trading volume at KASE rises to $226 million in March

The average daily trading volume on the Kazakhstan Stock Exchange (KASE) went up from $187 million to $226 million, contributing to a total trading volume of $3.8 billion, Kazinform News Agency reports, citing the National Bank of Kazakhstan.

As of March, the value of tenge increased by 0.9%, valuing at 446.77 tenge per US dollar.

In March, currency sales from the National Fund, which accumulates the country’s massive oil revenues, to ensure transfers to the republican budget reached $748 million, accounting for 19% of the total trading volume. Daily amounts capped at $44 million.

“While managing transactions involving the National Fund assets, the National Bank followed the principle of market neutrality, ensuring a consistent and even-handed approach to foreign currency sales. This strategy is aimed to minimize the impact of National Fund operations on the foreign exchange market,” reads the statement.

Foreign currency purchases reached $500 million in March. This was done to “sustain the foreign currency share of the Pension Fund’s assets at 30%.”

The National Bank conducted no currency interventions in March.

In April, the National Bank projects foreign currency sales from the National Fund to range between $1 and $1.1 billion.