Great supply of dollars at KASE provokes demand of the banks of the second tier

/IRBIS, Sep.21, 99/ - The next trades with US dollar, Deutsche mark and Euro were held at KASE. 23 banks participated in the trades. Today the trades were opened with the US dollar at 136.30 tenge per unit of the currency. Large volume of supply of an American currency brought the dollar price to plummet to 136.28 tenge, then the trades went on in almost equilibrium market for about 7 minutes. In this phase of the session trade volume reached $4.9 mln. Apparently, exporters' earnings have being sold at the moment. In the second phase of the trade sellers were more punctilious, which allows to suppose that the banks were fixing profits on previously opened long positions. By taking the most out of non-diminishing demand, they could boost the market up to 136.40 tenge per dollar. After a short fall at 24th minute, price of an American currency settled at 136.38 tenge per unit of the currency. At this mark the market stabilized again. Final phase of the trade went on in an equilibrium market: all demand has being satisfied within 136.38-136.40 tenge per dollar range. The trades were closed at - 136.37/40 244 deals were made with US dollars. Weighted average dollar exchange rate made 136.33 (+0.25). Volume of the session - $14.485 mln (+$8.225 mln). Exchange rate fluctuation during the trade was 0.10%. One hour after closing of the trades at over-the-counter market of Kazakhstan dollar was quoted at 136.50/60 tenge per unit of the currency. Two hours later - 136.49/59. Market conjuncture did not differ from that of yesterday. Most of dollar supplies were concentrated in hands of only two participants. Exporters' earnings, which emerged yesterday, had a significant impact on an American currency exchange rate dynamics. However, large volumes of dollar supply provoked demand of the banks of the second tier. Buyers side had more dealers than sellers side had, and buying was more active than selling. 2 deals were made with Deutsche mark. Weighted average exchange rate - 72.60 (+0.04) tenge per unit of the currency. Trade volume - DEM35 thousand. At closing of the session Deutsche mark was quoted at 72.44/60 tenge per unit of the currency. 1 deal was made with euro at 141.50 (0) tenge per unit of the currency. Trade volume - EUR10 thousand (-25 thousand). At closing of the session euro was quoted at 141.50/80 tenge per unit of the currency.