ANALYSIS: The currency week on KASE has passed at equilibrium market

/IRBIS, Oct.08, 99/ - Past week in the dollar exchange market was rather quiet. The banks have restored their net-positions, which were a little bit shorted by the quarter ending. Dollar was bought up already in the beginning of the week. Stabilization of tenge were promoted by the large volume of sale of the exporters' proceeds in first three days. By the dealers' valuations, its share reached 80-90% in the whole dollar supply. It resulted also in significant growth of trades' volumes. At the same time some market operators (including the largest) constantly felt problems with short-term liquidity. This factor has generated the additional dollar supply, especially in the first half of the week. These factors resulted in a double decrease of tenge devaluation rate against previous week and in a shaky balance of supply and demand. The ending of week was accompanied by some dollar rate growth, caused by decrease of the exporters supply and also by the notes redemption. Money received through redemption, has allowed banks to receive additional free means, which were not completely attracted by the National Bank using indexed note-21. Also this week dollars connected with the coupon payment of Euronotes of Kazakhstan of second issue has appeared on the market. And it also rendered the stabilizing influence. The result of the dealers interrogation conducted by REUTERS and IRBIS, testifies to high devaluation expectations and unwillingness to undertake any active actions before elections. In the dealers' opinion, the results of elections can influence a conjuncture. Any forecasts for the next week in this situation are groundless. But proceeding from a correspondent accounts of banks, traders' sentiments and technical market indicators the tenge devaluation rate, most likely, will remain on the same level, but the volumes of trades will decrease a little.