Strengthening of tenge at KASE was only due to strong opening of the market, price of USD was falling throughout the session

/IRBIS, Oct.19, 99/ - The next trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE). 22 banks participated in the trades. Today the trades were opened in the US dollar at 141.20 tenge per unit. As expected, growth of dollar quotations before closing of the day on Monday had a psychological impact on trade participants. Opening level was not obviously appropriate to real market conjuncture. Sellers felt that the offer price is too high and had to lower it down to 141.00 then to 140.90 tenge per unit. Such a "probing" of the market with small volumes lasted for 15 minutes. The market got active at 140.95. Supply volume was very high. As a result, buyers could take the initiative in their hands and lead the market downwards practically till the very end of the session. Only final deals showed a little increase of the dollar up to 140.78. The trades were closed at - 140.70/74. 237 deals were made in US dollars. Weighted average dollar exchange rate made 140.80 (+0.22). Volume of the session - $10.765 mln (+$3.465 mln). Exchange rate fluctuation during the trade did not exceed 0.36%. Today the trades were characterized by noticeable activation of the participants relative to yesterday. Significant number of the dealers (5 out of 22) finished the session with zero net-positions. The market is getting alive, speculative component is growing, the banks are getting free funds. Growth of the weighted average dollar exchange rate by the results of the trade was caused by strong opening of the session. Supply was quite large and demand could not resist it. Tenge strengthened throughout the session. 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 - 140.54/74. 6 deals were made in Deutsche mark. Weighted average exchange rate of the mark - 78.13 (-0.17) tenge per unit. Trade volume - DEM115 (+95) thousand. At closing of the session Deutsche mark was quoted at 77.75/78.12 tenge per unit. No deals were made in euro. At closing of the session euro was offered at 153.90 tenge per unit, with no demand.