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

/IRBIS, Aug.18, 99/ - The next trades with the US dollar, Deutsche mark were held at KASE. 21 banks participated in the trades. The trades were opened with the US dollar at the level of 132.10 tenge per unit of the currency. Next five minutes the traders playing bullish towards the dollar. Using high demand from the banks of the second tier they could boost the market up to 132.20, afterwards supply of American currency expanded on the trade floor. As usual, it brought the price of the dollar down to lower levels and new price interval was found at 132.14 - 132.16 tenge per dollar. From the 15th minute and till the end of the trades supply of US dollar exceeded demand for it. Probably, banks began to sell off dollars according to mandatory sale of exporters' earnings. As a result, deals were made with gradual decreasing of the dollar's price. Last ten minutes the dollar was traded at an interval 132.13 - 132.14 tenge per unit of the currency, and only few closing deals were made at a high rate. The session was closed at 132.14 (demand) / 132.16 (supply). 169 deals were made on US dollars. The weighted average dollar exchange rate has made 132.15 tenge per unit of the currency, and compared to the results of the previous session went up by 0.10 tenge (10 points). The trade volume of the session - $8.820 mln - has increased relative to that of the latest trades by $1.275 thousand. The exchange rate fluctuation during the trade was 0.08%. Analysts at IRBIS point out that demand of the banks of the second tier will keep rising, and so will the speculative component in dealers' behaviors. Today almost all participants bought dollars, and only significant volume of sales of US dollars due to mandatory sale of exporters' currency earnings did not allow the market to jump up to high levels. One hour after closing of the trades at over-the-counter market dollar was quoted at 132.14 (demand) / 132.22 (supply) tenge per unit of the currency; two hours later - 132.13 / 132.20. No deals were made on Deutsche marks. At closing of the session Deutsche mark was quoted at 71.15 (demand) / 71.45 (supply) tenge per unit of the currency. One deal was made on Euro. The weighted average rate has made 139.41 tenge for 1 Euro. Compared to last fruitful trades (August 17) has decreased by 0.57 tenge (57 points). The trade volume - EUR15 thousand. At closing of the trades Euro was quoted at 139.35 (demand) / 139.75 (supply) tenge per unit of the currency.