KASE: Banks of the second tier quit their attempt to form the bulls market

/IRBIS, Aug. 12, 99/ - The next trades with the US dollar, Deutsche mark were held at KASE. 22 banks participated in trades. The trades were opened with the US dollar at the level of 131.60 tenge per unit of the currency. During the first five minutes the dealers tried to find a new trade interval between 131.60 and 131.62, but the compromise with the price was found at the interval of 131.59 - 131.60. It was this interval where most of the trades and most of the operations were held. The session was closed at 131.60 (demand) / 131.61 (supply). 136 deals were made on US dollars. The weighted average dollar exchange rate has made 131.60 tenge per unit of the currency, and compared to the results of the previous session the rate did not change. The trade volume of the session - $6.695 mln. - has decreased relative to that of the latest trades by $5.725 thousand. The exchange rate fluctuation during the trade was 0.02%. Results of dealers' behavior analysis indicate that their tactics have changed. Attempts to form the bulls market on Tuesday and Wednesday were not successful. Lowering the official dollar exchange rate by the National Bank today apparently had a psychological impact on the exchange participants; country's major bank foisted its own "rules of the game" and others had to play by these rules. For this reason the banks of the second tier quit their attempt to form the bulls market and returned to their usual tactics they used to employ in recent weeks. Demand for US dollar went down and the speculative component of the exchange almost vanished. According to a number of deals made and the volume of trades the exchange was not so active as well. The session was held almost at an equilibrium of demand and supply. One hour after closing of the trades at over-the-counter market dollar was quoted at 131.57 (demand) / 131.65 (supply) tenge per unit of the currency; two hours later - 131.56 / 131.62. 3 deals totaling DEM 65 thousand were made on Deutsche marks. This amount is higher compared with that of the previous trades by DEM 30 thousand. The weighted average rate has made 71.81 tenge for 1 mark. Compared to the results of the previous session mark's exchange rate has decreased by 0.25 tenge (25 points). At closing of the session Deutsche mark was quoted at the level of 71.75 (demand) / 71.85 (supply) tenge per unit of the currency. One deals was made on Euro for an amount of EUR 10 thousand. This amount is lower compared with the latest fruitful trades by EUR 30 thousand. The weighted average rate has made 140.30 tenge for 1 Euro. Compared to the results of the latest fruitful trades Euro's exchange rate has decreased by 0.77 tenge (77 points). At closing of the session European currency was quoted at the level of 140.25 (demand) / 140.30 (supply) tenge per unit of the currency.