At KASE tenge strengthened again because of weak opening of the trades

/IRBIS, Oct.28, 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 weak for recent times at 140.15 tenge per unit, against forecasts of IRBIS agency. Under the pressure of supply dollar kept falling with minimum transaction volumes for two minutes. Price per unit of an American currency fell down to 139.95 tenge at that, and it was this moment when the buyers got active. Activation of the buyers quickly brought the price of the dollar back to the opening level of the trades, then the parity of demand and supply set in, which lasted for about twenty minutes within 140.12-140.15 price range. The second surge of demand in the last phase of the trade made the dollar exchange rate to rise further, which reached 140.35 tenge per unit by the end of the session. Quotations at closing of the session made 140.35/38 tenge per dollar. Total of 258 deals were made in US dollars. Weighted average dollar exchange rate made 140.15 (-0.17). Volume of the session - $10.430 mln (+$1.825 mln). Exchange rate fluctuation during the trade reached 0.29%. Today the market conjuncture was formed under the influence of great demand for dollars, which made the exchange rate to rise throughout the trades. Commensurable in terms of the volume supply somehow neutralized demand. However, weak opening of the trades did not allow the dollar the get stronger, and looking at the weighted average exchange rate, tenge could gain back a few points. The market conjuncture has changed relative to previous trades of this week, which is apparent from the prevalence of demand over supply. IRBIS specialists believe that the banks were selling not only exporters' earnings but also their own resources. Sellers were successful at rising the market, demand was favorable, which was not noticed on previous trades. Distinctive feature of the session is that only two trade participants were buying or selling dollars. Other traders preferred to do both, and net positions of seven participants were close to zero. In general, the market still seems to be balanced, and more likely is not interesting for the dealers in terms of speculative potential. One hour after closing of the trades on over-the-counter market of Kazakhstan dollar was quoted at 140.22/32 tenge per unit, two hours later - 140.10/40. No deals were made in Deutsche mark. At closing of the session Deutsche mark was quoted at 75.00/50 tenge per unit. No deals were made in euro. Demand and supply were absent at closing of the session.