At KASE USD exchange rate continues to fall due to shortage of tenge

/IRBIS, Oct.18, 99/ - The next trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE). 25 banks participated in the trades. Today the trades were opened in the US dollar at 140.60 tenge per unit, but this price was not suitable to the market conjuncture. The first price compromise, supported by noticeable trade volume, was found by the participants at 140.55, and after a slight (down to 140.52) and temporary fall of the exchange rate the dollar began to gain quickly. In this phase of the trades demand was great and sellers were able to raise the market up to 140.60. The second half of the session went in an equilibrium market within 140.58- 140.60 price range. The trades were closed at - 140.57/58 tenge per dollar. 214 deals were made in US dollars. Weighted average dollar exchange rate made 140.58 (-0.25). Volume of the session - $7.300 mln (-$3.835 mln). Exchange rate fluctuation during the trade did not exceed 0.07%. Impressions made by the market: slight increase of demand, which could be observed in the second half of the trades, and decrease of supply of dollars, which turned into reduction of a trade volume. In general, the market seemed to be balanced. Apparent prevalence of supply over demand in the first half of session changed the trend in the second half. IRBIS analysts assume the possibility of exporters' earnings affecting the exchange rate dynamics. One hour after closing of the trades on over-the-counter market of Kazakhstan dollar was quoted at 140.55/65 tenge per unit, two hours later quotations remained the same. 2 deals were made in Deutsche mark. Weighted average exchange rate of the mark - 78.30 (-0.05) tenge per unit. Trade volume - DEM20 (-5) thousand. At closing of the session Deutsche mark was quoted at 78.24/36 tenge per unit. 3 deals were made in euro. Weighted average exchange rate of the euro - 152.24 (+1.14) tenge per unit. Trade volume - EUR25 (-115) thousand. At closing of the session euro was asked for 152.11 tenge per unit, with no offer.