Our comments and expectations
External backdrop. S&P 500 moved higher despite rising oil prices, gaining 1% and reaching new all-time highs. Growth was driven by tech stocks and strong corporate earnings: Boeing surged on solid Q1 deliveries; Tesla beat profit expectations; Texas Instruments issued strong guidance. According to Bloomberg, nearly 80% of S&P 500 companies reporting Q1 results exceeded earnings expectations.
Meanwhile, oil rose 3.1% and moved back above $100 per barrel. Iranian boats fired at commercial vessels in the Strait of Hormuz, while Tehran maintains control over the waterway. Two Iranian supertankers also faced a U.S. blockade. Donald Trump said a second round of talks with Iran could take place on Friday, although Tasnim reported that Iran currently has no such plans. Lebanese President Joseph Aoun stated he is working to extend the truce with Israel.
European indices showed neutral dynamics. UK inflation rose to 3.3% in March. Asian markets are mostly flat this morning. Germany cut its GDP growth forecast to 0.5%. Ukraine asked Turkey to help organize a summit with Russia. S&P 500 futures are down 0.4%, while Stoxx 600 and DAX futures are down 0.5–0.7%. Oil is trading at $103.3.
KASE Index. The index declined 1% yesterday, giving back previous gains. However, it closed slightly above support levels, keeping chances of staying above the previous range.
Index stocks. The largest decline was seen in Kaspi.kz, which fell for two sessions on NASDAQ. Kazatomprom also declined but closed positive on London Stock Exchange. Halyk Bank GDRs also declined but remain above support levels. Today, KASE is down 0.2%, with Kaspi again leading declines, while Kazatomprom and KazTransOil are rising.
Currency. USDKZT showed a false breakout of 463.6 yesterday. Today it trades at 464.15, indicating that support has not yet been broken.