Market conjuncture for USD sharply changed at KASE, banks of the second tier were actively selling dollars

/IRBIS, Aug.19, 99/ - The next trades with the US dollar, Deutsche mark were held at KASE. 26 banks participated in the trades. As expected, today the trades were opened with the US dollar very high at 132.14 tenge per unit of the currency. Remaining course of the trades was unpredictable. From the second operation the dollar exchange rate plummeted. Supply of USD from the banks of the second tier was higher than demand for it. Sellers did not attempt to boost the market up at the beginning of the trades, but immediately started to sell dollars. By the 20th minute of the session exchange rate of American currency went down to 131.85. While the dollar was devaluing buyers were getting more active, and reached their peak when dollar fell down to the level mentioned above. It brought the exchange rate back up at 131.92, and form this moment on American currency was traded between 131.90 and 131.95. The session was closed at 131.92 (demand) / 131.94 (supply). 273 deals were made on US dollars. The weighted average dollar exchange rate has made 131.92 tenge per unit of the currency, and compared to the results of the previous session went down by 0.23 tenge (23 points). The trade volume of the session - $23.575 mln - has increased relative to that of the latest trades by $14.755 thousand. The exchange rate fluctuation during the trade was 0.22%. Analysis of participants' behavior shows that major banks of the second tier had some sort of information which made them to fix their profits on long positions opened earlier, and sell not only exporters earned dollars, but also their own. Major sellers of dollars were those banks of the second tier who were actively buying dollars last five days. IRBIS does not know the nature of the information. Apparently, major operators of the exchange were made clear that the dollar would not rise further and they were allowed to capitalize on the exchange rate difference. One hour after closing of the trades at over-the-counter market dollar was quoted at 131.91 (demand)/131.99 (supply) tenge per unit of the currency; two hours later - 131.92/131.98. Two deals were made on Deutsche marks. The weighted average rate made 71.25 tenge for 1 mark and compared to the results of the previous fruitful trades (August 17) went down by 0.29 tenge (29 points). Trade volume - DEM10 thousand. At closing of the session Deutsche mark was quoted at 70.50 (demand) / 71.15 (supply) tenge per unit of the currency. Four deals were made on Euro. The weighted average rate has made 139.25 tenge for 1 Euro. Compared to last trades has decreased by 0.16 tenge (16 points). The trade volume - EUR50 thousand. At closing of the trades Euro was quoted at 138.50 (demand) / 138.80 (supply) tenge per unit of the currency.