Our comments and expectations
External background. Yesterday's trading on the American market was marked by an increase in shares in the technology sector. The NASAQ rose 1.47% and closed at historic highs. Apple has grown thanks to the recommendations of analysts, and the prospects of Taiwan Semiconductor Manufacturing have given chip manufacturers hopes for a global technology recovery in 2024. At the same time, Rafael Bostic urged Fed policymakers to approach rate cuts cautiously, given the potential economic consequences of unpredictable geopolitical events. The head of the Federal Reserve Bank of Atlanta said earlier that he would not see a reduction until the third quarter. Patrick Harker still expects inflation to fall to the target. The U.S. Congress this weekend passed a temporary spending bill through March 1-8 to prevent a partial government shutdown by sending it to Joe Biden for signature. In Europe, the Stoxx 600 rose from the 50-day moving average, to which it fell the day before yesterday. The situation is similar with the German DAX. In Asia, the Japanese Nikkei 225 has been growing by 1.2% since morning. Japan's core consumer price index fell to 2.3% last month. The Chinese market is in moderate negative territory. China's GDP deflator in 2023 was negative 0.6%, which was the sharpest annual decline since the late 1990s. The manufacturing industry recorded the largest price drop of 3.2%. Oil rose yesterday on a decrease in U.S. inventories by 2.49 million barrels last week, to the lowest level since October, according to the EIA. Bloomberg believes that OPEC+ may have to extend supply restrictions until the end of the year to prevent further falls in commodity prices.
Bonds. The US 10-year yield continues to show growth and will soon reach the level of the 50-day moving average. At the same time, corporate bonds stopped showing a decline.
The KASE index. KASE rose 0.2% yesterday, mainly due to Kcell shares, which have shown a strong rally in the last 5 trading sessions.
Index shares. Over 5 sessions, Kcell has grown by 14%, which continues to develop opinions that a large share of the company is preparing to be sold. Most other securities were in the red except for Kaspi, which rose by 0.8%. On the LSE, the securities were quite volatile and fell to the $93 mark. Bloomberg, citing people familiar with the situation, reported that the largest shareholders Kaspi.kz They raised about $1 billion during the initial public offering of shares. Investors sold 11.3 million American depositary shares on Thursday Kaspi.kz at $92 apiece, said the sources, who wished to remain anonymous because the information has not yet been made public. It turns out that the discount on the sale by the close of Thursday turned out to be 5.5%. ADS (American depository shares) will begin trading on the stock exchange on Friday.
Currency. The dollar fell below the 450 tenge mark in morning trading. Despite a fairly long wave of decline (since October 20), neither the daily nor the 4-hour chart shows technical signs of oversold US currency.
Key market news
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