Dollar rate increased at KASE's trades at the banks' active speculative game

/IRBIS, Aug.26, 99/ - On the Kazakhstan stock exchange (KASE) the next tenders for US dollar, deutsche mark and Euro were held with participation of 23 banks. The trades for US dollar were opened on a point of 131.79 tenge per dollar. At once after opening of the trade, dealers have begun to buy up dollar actively that has resulted in fast growth of its price up to 131.90. Than the dollar rate continued to grow, but slower, with periodic insignificant corrections. At the 15-th minute the temporary demand increase has resulted in the acceleration of growth of dollar and at the 23-rd minute its price has reached 131.95 tenge - the maximum point of the session. Dollar somewhat decreased only at the end of trades due to impact of the obligatory sale of export revenues and the session was closed with the quotations 131.91 (demand) / 131.93 (supply). In total 184 transactions were made for USD. The average weighted rate was 131.91 tenge, which is by 0.26 tenge (26 points) more than the one of the previous session. Volume of session has increased in comparison with the last trade by $1.455 million to $9.615 million. The amplitude of the rate fluctuation has reached during a trade 0.12%. As a whole, the demand for dollars predominated over the supply. The speculative component in the banks' behaviour was expressed distinctly, however there were at least 7 dealers who only purchased the dollars. According to the IRBIS' analyst's opinion, the fast growth of dollar during the trade is not long-term tendency yet. Proceeding from experience of two previous weeks the fluctuation interval was determined by dealers 131. 50 to 132.20 tenge per dollar, which did not bother the authorities. Therefore banks try to use the present fluctuations to the utmost and actively speculate on the exchange. It is possible, that already on Monday the USD rate can go downwards again. After one hour after trade closing in the Kazakhstan's OTC market dollar was quoted at 131.90 (demand) / 132,01 (supply) and after two hours - 131.90 / 131,99 tenge per dollar. Six transactions were made for deutsche mark with the average weighted rate of 70.35 tenge per DEM. In comparison with the previous trade the average weighted rate of deutsche mark has decreased by 0.45 tenge (45 points). Volume of session - DM175,000. At the closing of session the DEM quotation was 70.35 (demand) / 70.36 (supply) tenge per one. Four transactions were made for Euro with the average weighted rate of 137.96 tenge. In comparison with the previous trade the European currency price has decreased by 0.64 tenge. Volume of session - EUR35,000. At the moment of trade closing the offer price was 137.90 tenge per Euro, demand was absent.