At KASE banks were able to play bulls, only because the session has opened very low

/IRBIS, 06.08.99/ - The next trades with the US dollar, Deutsche mark were held at KASE. 19 banks participated in trades. The trades were opened with the US dollar at the level of 131.50 tenge per unit of the currency. During the first 10 minutes the market was down at 131.45, but then under a pressure of prevailing supply the dollar regained its positions back and rose almost at a constant rate till the end of the session. The session was closed with the quotes 131.59(demand)/131.65(supply). 159 deals were made on US dollars. The weighted average dollar exchange rate has made 131.51 tenge per unit of the currency, and compared to the results of the previous session went down by 0.16 tenge (16 points). The trade volume of the session - $10.785 mln. - has decreased relative to that of the latest trades by $2.595 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 131.57 (demand) / 131.63 (supply) tenge per unit of the currency; two hours later - 131.57 / 131.66. Analysts at IRBIS point out that market conjuncture changed a bit. Officially, demand exceeded supply as it could be noted by the results of the session. The sellers were successful playing bulls, since the session has opened low. Obviously, some banks were able to capitalize on the difference in exchange rates which indicates at the speculative component in traders' behavior. Banks of the second tier were moderately active today compared to Thursday and Friday. Still, no factors affecting the strengthening of dollar exchange rate. Four deals totaling DEM 150 thousand were made on Deutsche marks. This amount is higher compared with that of the previous trades by DEM 85 thousand. The weighted average rate has made 72.20 tenge for 1 mark. Compared to the results of the previous session mark's exchange rate has increased by 0.26 tenge (26 points). At closing of the session Deutsche mark was quoted at the level of 72.05 (demand)/72.38 (supply) tenge per unit of the currency. No deals were made on Euro. By closing of the trades no quotes existed.