At KASE dollar exchange rate continued to fall due to shortage of tenge of the banks

/IRBIS, Oct.14, 99/ - The next trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE). 24 banks participated in the trades. Today the trades were opened in the US dollar at 140.50 tenge per unit, but such a weak opening was not appropriate for the market conjuncture. In less than a minute the dollar exchange rate soared to 141.00 with minimal volume of deals. This growth was followed by a five minute "break" - demand and supply were balanced on the market. After a little correction of the dollar exchange down to 140.90 sellers raise the price of an American currency without much of an effort up to 141.05 - maximum level of the day. From this mark the dollar exchange rate began to fall under the influence of large volumes of supply. Beginning about the middle of the session the market were getting balanced at 140.95-140.96. All remaining deals were made at this prices. The trades were closed at - 140.95/98 tenge per dollar. 239 deals were made in US dollars. Weighted average dollar exchange rate made 140.95 (-0.68). Volume of the session - $12.780 mln (-$4.210 mln). Exchange rate fluctuation during the trade did not exceed 0.39%. In general, the market seemed to be balanced. Demand of the banks of the second tier continues to decrease, and supply to grow. Today six banks differed form the others with large sale volumes, whereas only three traders were actively buying an American currency. Dealers' tactics on the trades and related sectors of the financial market show that the banks were selling not only exporters' earnings. Shortage of tenge is still felt on the market caused by budgetary payments, and the banks of the second tier are shortening their currency positions. Today it was more apparent. One hour after closing of the trades on over-the-counter market of Kazakhstan dollar was quoted at 140.96/141.06 tenge per unit, two hours later - 140.86/141.05. 4 deals were made in Deutsche mark. Weighted average exchange rate of the mark - 76.86 (-1.40) tenge per unit. Trade volume - DEM70 (+10) thousand. At closing of the session Deutsche mark was asked at 76.50 tenge per unit of the currency. 3 deals were made in euro. Weighted average exchange rate of the euro - 151.10 (-0.99) tenge per unit. Trade volume - EUR140 (+55) thousand. At closing of the session euro was quoted at 150.00/152.00 tenge per unit.