Large volume of supply of dollars at KASE and a little demand of the banks of the second tier made tenge to firm

/IRBIS, Oct.06, 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 142.00 tenge per unit. As usual, the sellers created a temporary deficit of currency at the beginning of the session, which made the dollar exchange rate to grow up to the maximum level of the day in first minutes of the session - 142.30. Then, the situation has changed. Demand obviously was not as high as it has been last two days. The banks have "stuffed" themselves with dollars, and their supply on the trade floor was huge. Under the influence of this supply the dollar exchange rate began to lower quickly starting the 10th minute of the trades, and in 25 minutes an American currency was traded within 141.75 - 141.80 tenge per unit price range. The trades were closed at - 142.09/20 tenge per dollar. 256 deals were made in US dollars. Weighted average dollar exchange rate made 141.90 (-0.31). Volume of the session - $17.460 mln (-$2.220 mln). Exchange rate fluctuation during the trade was 0.39%. Distinctive feature of the session: in general, a balanced market, large volume of supply of dollars (most likely, due to mandatory sale of exporters' earnings) and a modest demand of the banks of the second tier. In IRBIS analysts opinion, the latter stems not from a low solvency of the banks but from incapability of further increase their allowed currency net-positions. Two hours after closing of the trades on over-the-counter market of Kazakhstan dollar was quoted at 141.99/142.09 tenge per unit. 3 deals were made in Deutsche mark. Weighted average exchange rate of mark - 77.96 (-0.34) tenge per unit. Trade volume - DEM30 (+20) thousand. At closing of the session Deutsche mark was quoted at 77.90/78.50 tenge per unit of the currency. 3 deals were made in euro. Weighted average exchange rate of euro - 152.09 (-0.41) tenge per unit. Trade volume - EUR85 (+80) thousand. At closing of the session euro was asked for 152.07 tenge per unit, with no offer existing.