Despite dollar exchange rate decrease at KASE, it's still early to talk about market stabilization

/IRBIS, Sep.10, 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 135.20 tenge per unit of the currency. The dollar exchange rate began to lower at high paces after a jump up to 135.30 on the second deal due to escalating demand from the banks and reached the lowest level on trades today - 135.10 at the 18th minute. As it usually happens, decline of the dollar exchange rate made the buyers active and brought the American currency exchange rate back to the level of the second deal. Further, the trades developed with the dollar getting stronger and apparent prevailing of demand over supply. At closing of the session dollar quotations against tenge made 135.44/45. 172 deals were made with US dollars. The weighted average dollar exchange rate has made 135.31 (-0.37). Trade volume of the session - $5.635 mln (-$16.745 mln). Exchange rate fluctuation during the trade was 0.25%. One hour after closing of the trades at over-the-counter market of Kazakhstan dollar was quoted at 135.50/75 tenge per unit of the currency. Two hours later - 135.50/80. As expected, major banks started to fix their profits on previously opened long positions under the influence of country's head bank, who explicitly set acceptable price of American currency for itself: in the first half of the session demand exceeded supply. Although the trade volume of the session decreased, demand from clients of the banks did not shrink, and remains high. Key factors, which made the dollar exchange rate to soar two days ago, are still in focus. Clearly, demand of the banks is maintained by high interest of the people in currency in hand. Therefore, participants' desire to sell dollars at high prices can be noticed, though the market went down a bit. And such desire, as the second part of the session showed, is supported by a solvent demand. 10 deals were made with Deutsche marks. The weighted average rate has made 72.79 tenge for 1 mark (-0.92). Trade volume - DEM110 thousand (+50 thousand). At closing of the session Deutsche mark was quoted at 72.70/85 tenge per unit of the currency. 2 deals were made with Euro. The weighted average rate has made 142.90 tenge for 1 Euro. Trade volume - EUR15 thousand. Compared to previous successful trades exchange rate of Euro decreased by 85 points (0.85 tenge). At closing of the session Euro was offered at 142.40 tenge per unit of the currency.