KASE: demand for USD exceeds supply even at relative deficiency of free means of banks of the second tier

/IRBIS, Sep.22, 99/ - On the Kazakhstan Stock Exchange (KASE) the next trades for US dollar, deutsche mark and Euro were held. 23 banks took part in the trades. The trades for US dollar have opened today at the level of 136.61 tenge per unit. At once dollar beginnings to become stronger at the growing activity of the buyers, and at the 26-th minute has reached a maximum level of the day - 136.94 tenge per unit. After traditional rate correction to 136.85 tenge per dollar, sellers have managed to go a bull, using the second wave of a demand. Then rather equilibrium market at the price of 136.89 tenge per dollar was observed. The trades were closed at the quotations of 136.88/89. Total 225 transactions were made for USD. The average weighted rate of dollar has made 136.81 (+0.48). Volume of session - $10.775 million (-$3.710 million). The amplitude of the rate fluctuation has reached 0.25%. After one hour after trades closing in the interbank market dollar was quoted at the level of 136.80 / 137.05 tenge per unit, after two hours - 136.80/94. Despite reduction of trade's volume, demand from the banks and their customers remains high and prevail above supply. As well as yesterday, main volume of dollar supply was concentrated in the hands of a few participants. The exporters' proceeds remain to be the minor factor influencing the current market. It is necessary to note, that 6 from 23 participants have finished session with zero net-position. It testifies to a quite high speculative component in the traders behavior. At the same time, majority of participants have preferred a purchase of dollar to its sale. In opinion of the IRBIS' analysts, demand for dollar from the banks of the second tier could be higher, but the banks are short in free means: quotations of the shortest money have grown toward the dinner to 20/40% p.a. Most likely, it is connected with necessity of banks' payment for MEKAVM -3, purchased on Tuesdays auction. One transaction at the price of 73.60 (+1.00) tenge per unit was made for deutsche mark. Volume of session was DEM5,000 (- DEM30,000). At session closing deutsche mark was quoted on demand at 73.60. There were no transactions and quotation per Euro.