External background.
Yesterday, the main US indices showed a neutral result, once again updating the highs. The S&P 500 index rose only 0.07%, while the Nasdaq index rose 0.14%. The main focus for investors was Powell's speech to Congress, where he stated that inflation remains above the 2% target, but continues to improve in recent months. The Fed chairman also said that more "good data" would increase the likelihood of a rate cut. As a result, the current probability of a rate cut in September remained at 72%. In addition, we note the growth of Nvidia shares by 2.5%, despite the fall of other chip manufacturers. In Europe, the Stoxx 600 index fell by 0.9% amid political upheavals in France, whose index fell by more than 1.6% yesterday. Asian markets have been growing since morning. Japan's Nikkei and Hong Kong's Hang Seng are up 0.2%. In New Zealand, the stock index rose 0.8% after the Central Bank announced the imminent return of inflation to target values in the second half of this year. Oil prices have been declining for the third day in a row, going below $85 per barrel. This time, traders felt that Hurricane Beryl caused much less damage to the Texas oil region than expected.
Bonds.
US 10-year yields rose slightly from 4.28% to 4.3% on Tuesday.
The KASE index.
KASE fell 0.3% on Tuesday after a recent update to historical highs. In addition, a number of securities from the KASE index showed a noticeable price change after a long weekend. Only three out of ten securities had a price change of less than 0.5%.
Index shares.
The leaders on Tuesday were Kazakhtelecom and KazMunaiGas shares, which increased in price by 2.1% and 2%, respectively. Kazakhtelecom continues to show strong growth amid speculation about special dividends. Nevertheless, from the point of view of technical analysis, the level of 40 thousand tenge may be difficult to overcome in the near future, since there is a long-term upper limit of the uptrend. But the shares of KazMunayGas came out of the triangle upwards and are likely to rush to the highs of 13,150 tenge. There was also a significant price change in Kcell shares, which fell by 2.3%. Nevertheless, the decline occurred within the framework of a sideways trend that has been going on since mid-March. Any sharp decrease should be expected if the paper goes below the price of 2,950 tenge. The cost of Kazatomprom also decreased by one and a half percent, which was negatively affected by a 2.4% decrease in the price in London on Monday, a day off for Kazakhstan. Among the important news, we note the purchase of Qazaq Air by the Vietnamese Sovico Group. According to the announced plans, the buyer intends to increase the fleet of aircraft to 50 units within 5 years, which will increase competition in the air transportation market.
Currency.
On Tuesday, the dollar rose to 481.9 tenge at the moment, but still the growth turned out to be minuscule at 25 tiyn. Thus, most likely, we will see the continuation of sellers' resistance at the important level of 480 tenge.