KASE: supply of dollars still exceed demand

/IRBIS, Oct.15, 99/ - The next trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE). 23 banks participated in the trades. Today the trades were opened in the US dollar at 140.91 tenge per unit. The second deal has fixed the exchange rate of an American currency at 140.90, where it remained for about twelve minutes. After this, demand began to weaken. Sellers had to lower the offer price, and at 25th minute the dollar exchange rate went down to the minimal mark of the day - 140.80 tenge per unit. Second half of the trades went in relatively equilibrium market. The dollar was traded in a wide price range: 140.81 - 140.87 tenge per unit without explicit trends. The trades were closed at - 140.83/85 tenge per dollar. 212 deals were made in US dollars. Weighted average dollar exchange rate made 140.84 (-0.11). Volume of the session - $11.135 mln (-$1.645 mln). Exchange rate fluctuation during the trade did not exceed 0.08%. Nothing principally changed compared with Thursday's market conjuncture. As expected, the banks cannot restore their short term liquidity yet. Prices of short money rose again. Demand is weakening day after day, while supply is still enormous and came mainly from two participants only. There were more active buyers. In general, decrease in dealers' activity as a whole and significant increase in degree of the market monopolization are noticed. One hour after closing of the trades on over-the-counter market of Kazakhstan dollar was quoted at 140.65/95 tenge per unit, two hours later - 140.60/80. 3 deals were made in Deutsche mark. Weighted average exchange rate of the mark - 78.35 (+1.49) tenge per unit. Trade volume - DEM25 (-45) thousand. At closing of the session Deutsche mark was quoted at 78.04/40 tenge per unit. No deals were made in euro. At closing of the session euro was asked for 151.71 tenge per unit.