On Kazakhstan exchange market for dollars nothing principally new is happening

/IRBIS, Nov.03, 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 in US dollars opened at 140.05 tenge per unit. Total of 217 deals were made. Weighted average dollar exchange rate made 140.06 (+0.10) tenge per unit. Volume of the session - $7.790 mln (-$12.510 mln). Exchange rate fluctuation during the trade reached 0.14%. The trades were closed at 139.91/140.00 tenge per dollar. Today the market conjuncture sharply (but not principally) differed from that of last days. The session was distinguished from others by a single bank of the second tier offering the most of dollars. Therefore, desire to pull the market up as high as possible was apparent. And due to this the resistance level - 140.10 tenge per unit - was marked vividly. Despite high demand, upon reaching this level the buyers went down, and sellers had to accept their terms. Still, nobody wants to buy dollars at high prices. Degree of purchase monopolization was high as well. Demand remains high. Reduction in trade volumes indicates not shrinking demand, but great supply of an American currency today. As a result, not many dollars were bought. Dealers are apt to wait for cheap offer. The market seems to be balanced by the results of the trades. Nothing has changed principally. Resulting growth of the dollar exchange rate by 10 points is a working fluctuations of the market. During last few days the dealers were able to mark the corridor of market value of an American currency: 139.60 - 140.10. If previous trades of the week clearly fixed the bottom of the corridor, today the ceiling was marked distinctly. In IRBIS analysts opinion, it happened due to insignificant supply of exporters' earnings. On one hand, equilibrium, reached on the market today, seems to be solid, if it is judged by an actual exchange rate dynamics. On the other hand, judging by dollar's behavior during the trades and traders' tactics, the market seems to be "thin", volatile. Everybody is waiting for cancellation of mandatory sales. No steady trends are perceived, the market lives from day to day. One hour after closing of the trades on over-the-counter market of Kazakhstan dollar was quoted at 139.97/140.03 tenge per unit, two hours later -140.05/06. 1 deal was made in Deutsche mark at 75.58 (+0.21) tenge per unit. Trade volume of the session - DEM30 (+5) thousand. At closing of the session Deutsche mark was quoted at 75.45/65 tenge per unit. No deals were made in euro. At closing of the session euro was quoted at 146.50/148.00 tenge per unit.