At Kase Banks cannot resist to the trend of strengthening tenge

/IRBIS, 06.08.99/ - The next trades with the US dollar, Deutsche mark, and Euro were held at KASE. 24 banks participated in trades. The trades were opened with the US dollar at the level of 131.75 tenge per unit of the currency. Under a pressure of prevailing supply the dollar exchange rate went down quickly and at the 35th minute of the trade reached the level of 131.62 tenge per unit of the currency. After a technical break the market conjuncture has changed, and the sellers were able to act as bulls; session was closed with the quotes: 131.64 (demand) / 131.65 (supply). 178 deals were made on US dollars. The weighted average dollar exchange rate has made 131.67 tenge per unit of the currency, and compared to the results of the previous session went down by 0.07 tenge (7 points). The trade volume of the session - $13.380 mln. - has decreased relative to that of the latest trades by $5 thousand. The exchange rate fluctuation during the trade was 0.11%. One hour after the closing of the trades at over-the-counter market dollar was quoted at 131.60 (demand) / 131.68 (supply) tenge per unit of the currency; two hours later - 131.60 / 131.66. Analysts at IRBIS point out that the banks of the second tier were moderately active on the market, and they did not use the opportunity of capitalizing on the difference in exchange rates during the session. It seems as if the banks do not resist to devaluing dollar, and along with the mandatory sale, dollars of other origins come up on the trade floor. Four deals totaling DEM 65 thousand were made on Deutsche marks. The weighted average rate has made 72.46 tenge for 1 mark. Compared to the results of the previous session mark's exchange rate has increased by 0.36 tenge (36 points). At closing of the session Deutsche mark was quoted at the level of 72.00 (demand) / 72.47 (supply) tenge per unit of the currency. No deals were made on Euro. By closing of the trades the European currency was offered at 141.69 tenge per Euro with no demand for it.