At KASE a balanced market for USD

/IRBIS, Oct.12, 99/ - The next trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE). 27 banks participated in the trades. Today the trades were opened in the US dollar strong - 142.10 tenge per dollar. The market was very active in the first minutes of the trades. Buyers found the price appropriate and the dollar exchange rate soared. At 6th minute of the trades dollar cost 142.16 tenge (maximum of the day), and trade volume reached 660 thousand USD. The next minute supply volume of the dollar kept growing, since the buyers were easy to make a compromise with. It stabilized the rate, and then lowered with ever increasing pace. As a result, by the end of the sixth minute the dollar has fallen to 141.96. Trade volume reached almost two million dollars, showing unprecedented dealers activity in the first ten minutes. Remaining 35 minutes of the trade went in a balanced market. Price compromise was found by the participants within 141.93-141.96 tenge per dollar. The trades were closed at - 141.93/95 tenge per dollar. 195 deals were made in US dollars. Weighted average dollar exchange rate made 141.97 (+0.20). Volume of the session - $8.300 mln (-$5.475 mln). Exchange rate fluctuation during the trade did not exceed 0.16%. In general, the market conjuncture can be characterized as balanced. Resulting growth of the dollar exchange rate was primarily caused by strong opening and large number of deals in the beginning of the trades. Demand for dollars was practically neutralized by their supply. Many banks of the second tier were selling dollars in great quantities. Demand was less intense and more monopolized: it came mainly from four participants, two of which bought $5 mln altogether. One hour after closing of the trades on over-the-counter market of Kazakhstan dollar was quoted at 141.82/90 tenge per unit, two hours later - 141.75/90. 2 deals were made in Deutsche mark. Weighted average exchange rate of the mark - 77.43 (-0.02) tenge per unit. Trade volume - DEM10 (0) thousand. At closing of the session Deutsche mark was quoted at 77.15/45 tenge per unit of the currency. No deals were made in euro. At closing of the session euro was quoted at 150.67/151.30 tenge per unit.