KASE: buyers' flexibility stimulated growth of USD exchange rate throughout the session

/IRBIS, Sep.27, 99/ - The next trades with US dollar, Deutsche mark and Euro were held at KASE. 27 banks participated in the trades. Today the trades were opened with the US dollar at 139.55 tenge per unit of the currency. In first three minutes the dollar exchange plummeted down to 139.20. However, excess of demand over supply was not for long. Starting from the seventh minute sellers took the initiative, and further the price of an American currency only grew. Demand allowed it to happen. The trades were closed at - 140.00/10 217 deals were made with US dollars. Weighted average dollar exchange rate made 139.56 (+0.50). Volume of the session - $6.100 mln (+$385 mln). Exchange rate fluctuation during the trade was 0.64%. Supply of dollars was comparable with demand for them. Market operators were active both on buying and selling dollars. Speculative component of the trades is still minute. IRBIS analysts do not leave out the possibility that most of the dollar supply on the trade floor was mainly due to exporters' offerings. Growth of the dollar exchange rate throughout the trade is explained by the flexibility of the buyers. Refusal of the parliament to accept the budget for 2000 and subsequently impossibility of getting $345 mln loan from IMF heightened the tension on the currency market. One hour after closing of the trades at over-the-counter market of Kazakhstan dollar was quoted at 140.05/25 tenge per unit of the currency. Two hours later - 140.55/85. 3 deals were made with Deutsche mark. Weighted average rate - 74.98 (+1.38) tenge per unit. Trade volume - DEM45 thousand (+10 thousand). At closing of the session Deutsche mark was quoted at 74.55/75.00 tenge per unit of the currency. No deals were made with euro. Quotations at closing of the session - 145.10/146.00 tenge per unit.