Large volume of supply of dollars at KASE made tenge to firm throughout the session

/IRBIS, Oct.05, 99/ - The next trades in US dollar, Deutsche mark and Euro were held at KASE. 25 banks participated in the trades. Today the trades were opened in the US dollar at 141.50 tenge per unit. But this price was inappropriate for the market conjuncture, and the second deal has fixed the exchange rate of an American currency at 142.20. Under the influence of high demand at 5th minute of the trades the price of the dollar reached its highest level - 142.45 tenge per unit. Quick growth of the dollar exchange rate made the sellers active. From the seventh minute the market conjuncture changed completely. Buyers felt the growth of supply and made an attempt to lower the market. As a result, the exchange rate of an American currency began to fall with frequent upward corrections with gradual acceleration of its speed. Beginning the fortieth minute it seemed to be a total collapse, which has been stopped by the very end of the trades at 141.50 tenge per dollar. Last minutes of the trades went with a compensatory upward movement of the exchange rate caused by the bank's fulfillment of clients' mandatory orders to sell dollars: the orders were fulfilled, but the demand remains. The trades were closed at - 141.75/90 tenge per dollar. 324 deals were made in US dollars. Weighted average dollar exchange rate made 142.21 (+0.62). Volume of the session - $19.680 mln (-$1.615 mln). Exchange rate fluctuation during the trade was 0.67%. Distinctive feature of the session - unusual for the recent times big volumes of the dollar supply. Volume of sales of an American currency by some banks of the second tier exceeded $5.0 mln, and five participants had positions higher than $1.5 mln. Hence, it can be assumed that the main source of dollars at the trade floor today was exporters' earnings. Also, the most active sellers today were the most active buyers: fulfilling client orders to sell dollars, dealers immediately bought them for either their own resources (bank resources) or by client orders. At the same time, demand is still high. Enough to say that 5 out of 25 participants of the trades preferred pure purchasing of the dollars. In general, the market seemed to be exclusively liquid and balanced. One hour after closing of the trades on over-the-counter market of Kazakhstan dollar was quoted at 142.00/10 tenge per unit of the currency. Two hours later - 142.10/30. 2 deals were made in Deutsche mark. Weighted average exchange rate of mark - 78.30 (+0.75) tenge per unit. Trade volume - DEM10 (0) thousand. At closing of the session Deutsche mark was quoted at 78.30/50 tenge per unit of the currency. 1 deal was made in euro at 152.50 (+0.72) tenge per unit. Trade volume - EUR5 (-595) thousand. At closing of the session euro was quoted at 151.80/152.00 tenge per unit of the currency.