KASE: demand for dollar continues to grow and it can not be stopped

/IRBIS, Sep.28, 99/ - On the Kazakhstan stock exchange (KASE) the next trades for US dollar, deutsche mark and Euro were held with participation of 26 banks. US dollar trades today were opened on the level of 140.20 tenge per unit. At once dollar rate beginnings to grow, as price of the first transaction was much below than yesterday's closing price of the interbank market. At the 9th minute dollar reached 141.20 tenge, and at 18th - a maximum level of the day - 141.30. During this period of session the dollar strengthening occurred at rather small volumes that testifies not so much to a great demand, how about easiness of the compromise between buyers and sellers. Dollar was bought practically at the offered price. The supply and demand balance was achieved at price of 141.20 tenge per dollar. Market remained on this level 7 minutes, transactions made during that time amounted to more than $8.5 million. Final period of session passed at gradually lowering dollar rate that was promoted by the large supply at the lower price, and also by "overheating" of the buyers in the previous period. At the last 15 minutes all demand was satisfied at price of 141.00 tenge. Closing quotations were 140.95/141.00 tenge per dollar. USD. Total 333 transactions were made. The average weighted rate of dollar has made 141.09 (+1.53). Volume of session - $19.800 million (+$13,700) thousand). The amplitude of rate fluctuation during the trade reached 0.78%. In all likelihood, yesterday's positive news were recognized by the market conversely. The dealers remained unconvinced both by the Iskander Beisembetov's statements and by the Euronotes placement. If so unfavorable conditions were accepted, it is really hard cheese. The demand from the banks of the second tier was today more expressed in comparison with the last two weeks. The sharp growth of the short money quotations after ending of trade testifies that the banks are ready to give back any money for dollar. The exporters supply, if any, not influenced the market today. The results of session allow to speak that the devaluation sentiments continue to grow. In one hour after trades closing in the interbank market of Kazakhstan dollar was quoted at a level of 140.60/75 tenge per unit, in two hours - 140.45/65, in three - 140.60/68. Deutsche mark: 4 transactions were made. An average weighted rate - 75.70 (+0.73) tenge per unit. Volume of session - DEM80,000 (+35,000). Closing quotation - 75.00/55 tenge. Euro: 1 transaction was made at price of 147.00 (+1,00) tenge per unit. Volume of session - EUR5,000 (+5,000), closing quotations - 147.00/148.00 tenge per Euro.