KASE: demand for dollars still exceed their supply

/IRBIS, Sep.06, 99/ - The next trades with US dollar, Deutsche mark and Euro were held at KASE. 23 banks participated in the trades. The trades were opened with the US dollar at 132.70 tenge per unit of the currency. However, dollar exchange rate immediately plummeted to 132.56 - weighted average on Friday's trades. American currency made a short stop at that level, then its exchange rate began to grow with simultaneous buyers getting more active. Dollar strengthening was obvious during the rest of the trades. Demand exceeded supply for sure. The session was closed at 132.80/87. 144 deals were made with US dollars. The weighted average dollar exchange rate has made 132.63 (+0.07). Trade volume of the session - $6.910 mln (-$5.225 mln). Exchange rate fluctuation during the trade was 0.22%. One hour after closing of the trades at over-the-counter market of Kazakhstan dollar was quoted at 132.88 / 133.00 tenge per unit of the currency. One and a half hours later quotations did not change. As it was mentioned above, demand for the dollar exceeded its supply significantly on today's trades. Enough to say that 21 out of 23 participants of the session preferred to buy dollars, whereas only 18 of them were also selling dollars. Demand seemed to be speculative. Pure net positions of the banks did not exceed 49.7% of total currency turnover on the trade floor. It is a high number even for recent times. Banks are not getting less active, since market liquidity is growing, and increasing expectations of the devaluation make the banks of the second tier to sell dollars only when their price grows. 3 deals were made with Deutsche marks. The weighted average rate has made 71.95 tenge for 1 mark (-0.58). Trade volume - DEM55 thousand (- 215 thousand). At closing of the session Deutsche mark was offered at 71.95 tenge per unit of the currency. No deals were made with Euro. At closing of the session Euro was offered at 140.20 tenge per unit of the currency.