Week volume of transactions for USD on KASE - $73.600 million (statistics, tendency)

/IRBIS, Sep.17, 99, Elena Korpusenko, Andrey Tsalyuk/ - For US dollar within the 38th week (September 13 - 19) on the Kazakhstan Stock Exchange (KASE) 1,187 transactions totaling $73.600 million were made at average session volume of $14.720 million. Tenge devaluation, calculated at the average weighted market rate, is evaluated by the one week trend of 22.4% p.a. In the previous week 930 deals totaling $57.460 millions at average session volume of $17.492 million were made. During that period tenge devaluation rate has made 107.9% p.a. Devaluation of tenge towards US dollar, calculated at average weighted market rate on September 17, is 86.8% p.a. - from the beginning of the current year and 34.2% p.a. - for the last 30 days. For deutsche mark 18 transactions totaling DEM155,000 were made. The deutsche mark rate has fallen by 0.73%, that corresponds to 37.8% p.a. of the week average rate of tenge revaluation. For Euro 7 deals to the amount EU215,000 were made. The Euro rate has fallen by 1.5%, that corresponds to 76.4% p.a. of the week average rate of tenge revaluation. The past week has following characteristic features. Unusual for the last time smooth and unidirectional change of dollar rate against tenge with approximately constant annual rate of 22.4% is the first feature. For the first two week's trades it was caused by an objective ratio of demand (mainly from the importers) and supply (mainly from the exporters). On the last trades the National Bank support it at the expense of its own resources. Exporters' currency has disappeared from a platform and could not compensate pressure of tenge, which was remarkable stronger than during the previous week. Absence of the export proceeds is the second feature. The third feature consists in high activity of the trade participants. The sharp decrease of a turn-over in the sector of State Securities primary market testifies to redistribution of banks' limits to the currency sector. It is possible to tell, that the National Bank actively tried to change this situation by restraining growth of dollar and increasing of the securities yield. However, an appreciable result was not achieved. The banks prefer currency to all other financial tools. At the same time, dealers mark: demand for dollars exceeds supply insignificantly. It is not visible on the KASE's trades. There is an impression, that now banks prefer to purchase dollar on the Exchange, and to sell it outside under a higher price. Opinion of the IRBIS' analysts and banks' dealers concerning currency market of the future week are identical. Under pressure of demand the dollar rate will continue to growth approximately with the same speed.