Still banks do not support the lowering trend of a dollar exchange rate at KASE

/IRBIS, 05.08.99/ - New round of trades with US dollars were held at Kazakhstan Stock Exchange (KASE). 24 banks participated in the trades. The trades were opened with US dollars at the level of 131.73 tenge per unit of a currency, but the first compromise on a price was reached at the level of 131.70 tenge. During the first two minutes of the trade the trade volume went up to $1.825 mln. Then the traders were able to play as bulls, by making a good use of the demand for a dollar. As always, the market tried to reach an equilibrium, and the very low opening price of the trade allowed the traders easily return the rate of a dollar to a level desirable for them - 131.77 tenge per unit of the currency. Later, till the end of a session, an equilibrium was observed on the market, where dollar was traded within a range of 131.75-131.76. The session was closed with the quotation of 131.75 (demand) / 131.76 (supply). Total of 171 deals were made on US dollars. The weighted average rate of a dollar has made 131.74 tenge per unit of the currency, and compared to the results of the previous session went down by 0.02 tenge (2 points). The trade volume has made $13.385 mln. compared with $4.445 mln. of the latest trades. During the trade the fluctuation the exchange rate was 0.06%. One hour after the closing of the trades dollar was quoted at 131.68 (demand) / 131.81 (supply) tenge per unit of the currency; two hours later - 131.72 / 131.79. Analysts at IRBIS pointed out, that the banks of the second tier were moderately active today, though they use the difference in rates. It is necessary to note the indifference of the banks of the second tier towards strengthening tenge; banks were reluctant to sell their dollars, thus hindering further devaluation of a dollar, by using each opportunity to act like bulls. No deals were made on Deutsche marks. At the closing of the trade session Deutsche mark was quoted at the level of 72.53 (demand) / 72.64 (supply) tenge per unit of the currency. No deals were made on Euro either. At the closing of the trade session Euro was quoted at 141.72 (demand) / 142.08 (demand) tenge for 1 Euro.