KASE: demand for dollars from the banks of the second tier keep rising

/IRBIS, Aug.17, 99/ - The next trades with the US dollar, Deutsche mark were held at KASE. 24 banks participated in the trades. The trades were opened with the US dollar at the level of 132.00 tenge per unit of the currency, but this level did not reflect the Exchange's conjuncture properly. Only a few minutes later price compromise was reached at 132.05 tenge per dollar. This price was right for both the buyers and the sellers; most of the deals were made at this price. During the dealers' struggle for their positions the dollar exchange rate deviated from that level down no more than 1 point and up no more than 2 points, and always returned to 132.05. It implies about the market equilibrium for the dollar at the Exchange. The session was closed at 132.05 (demand) / 132.06 (supply). 192 deals were made on US dollars. The weighted average dollar exchange rate has made 132.05 tenge per unit of the currency, and compared to the results of the previous session went up by 0.03 tenge (3 points). The trade volume of the session - $7.545 mln - has increased relative to that of the latest trades by $3.810 thousand. The exchange rate fluctuation during the trade was 0.05%. The session is characterized by a high demand for the dollars from the banks of the second tier. Although, the banks keep selling American currency, more dollars are bought than sold. Dealers try to play bullish with the dollar and open long positions. It is still early to talk about the trend reversal towards strengthening dollar. One hour after closing of the trades at over-the-counter market dollar was quoted at 132.04 (demand) / 132.11 (supply) tenge per unit of the currency; two hours later the quotes did not change. Two deals totaling DEM45 thousand were made on Deutsche marks. The weighted average rate has made 71.54 tenge for 1 mark. Compared to the results of the previous session mark's exchange rate has decreased by 0.06 tenge (6 points). At closing of the session Deutsche mark was quoted at 71.50 (demand) / 71.55 (supply) tenge per unit of the currency. Two deals were made on Euro. The weighted average rate has made 139.98 tenge for 1 Euro. Compared to last fruitful trades has decreased by 0.67 tenge (67 points). The trade volume - EUR20 thousand. At closing of the trades Euro was quoted at 139.87 (demand) / 139.95 (supply) tenge per unit of the currency.