KASE: demand for dollar does not shrink, but tenge slowed down its decrease due to high supply of dollars

/IRBIS, Sep.09, 99/ - The next trades with US dollar, Deutsche mark and Euro were held at KASE. 24 banks participated in the trades. The trades were opened with the US dollar at 137.50 tenge per unit of the currency, and immideately price of the dollar plummeted. At first, all demand from the banks of the second tier was being satisfied at 137.10 tenge per dollar, and then this level went down to 135.50 with a short stop at 136.00: at this mark the banks were most active and bought about $3.5 mln. At 11th minute of the trades exchange rate of American currency reached the lowest level for today - 135.40 tenge per unit of the currency. The second half of the session went on in an almost equilibrium market. All demand was being satisfied at 135.45 - 135.50 tenge per dollar. Volume of deals held at this rate reached $14.9 mln. At closing of the session dollar quotations against tenge made 135.41/45. 250 deals were made with US dollars. The weighted average dollar exchange rate has made 135.68 (+0.55). Trade volume of the session - $22.380 mln (+$6.660 mln). Exchange rate fluctuation during the trade was 1.53%. One hour after closing of the trades at over-the-counter market of Kazakhstan dollar was quoted at 135.40/70 tenge per unit of the currency. Two hours later - 135.15/35. By IRBIS analysts opinion mood of the market was set as far as last evening, when the National Bank announced the increase in official dollar exchange rate from 133.00 to 135.00 tenge per unit of the currency. Therefore, country's head bank has set a new price for American currency, and by its opinion the price was acceptable in current situation. This factor had a psychological impact on the participants, and therefore today trades opened much higher than they closed yesterday. On the other hand, official exchange rate has set the level above which dollar will not be allowed to grow. Demand from the banks of the second tier did not shrink today, which is apparent from large volume of trades. However, demand was balanced by supply. This session is distinguished from others by major dealers' behaviors, who preferred a wait-and-see position and restricted themselves by average purchasing volumes of dollars. Second feature of the session is total absence of exporters' earnings on the trade floor. Anyway, their volume did not affect the market conjuncture. 6 deals were made with Deutsche marks. The weighted average rate has made 73.71 tenge for 1 mark (+0.19). Trade volume - DEM60 thousand (-10 thousand). At closing of the session Deutsche mark was offered at 73. 55 tenge per unit of the currency. No deals were made with Euro. At closing of the session Euro was offered at 143.30 tenge per unit of the currency.