At KASE exchange rate of the dollar grows under the expectations of cancellation of mandatory sales

/IRBIS, Nov.04, 99/ - The next trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE). 24 banks participated in the trades. Today the trades in US dollars opened at 140.09 tenge per unit. Total of 234 deals were made. Weighted average dollar exchange rate made 140.11 (+0.05) tenge per unit. Volume of the session - $11.535 mln (+$3.745 mln). Exchange rate fluctuation during the trade reached 0.13%. The trades were closed at 140.17/19 tenge per dollar. Today the market conjuncture of the dollar changed principally. A steady and powerful strengthening of the dollar has been observed throughout the session. However, mass demand was absent. During last two weeks the banks were not buying back exporters' earnings after selling them. Today the banks bought the dollars of the enterprises back immediately after selling them, thus, playing to raise the exchange rate of the dollar. Only those, who were selling, were also buying. The rest had to watch this action. Such a behavior of the dealers implies that tenge is in relatively small deficit. In IRBIS specialists' opinion, the market conjuncture has changed due to yesterday's news of REUTERS about cancellation of mandatory sale of exporters' earnings at KASE "in a very near term". The statement was made by Grigorii Marchenko, and therefore, had a deep impact. By rumors, the cancellation date has been shifted to November 15 already. Accordingly, stretching of their currency positions by the banks seems to be valid. The balance of the market, which has been observed recently, is upset. One hour after closing of the trades on over-the-counter market of Kazakhstan dollar was quoted at 140.18/25 tenge per unit, two hours later - 140.16/26. 2 deals were made in Deutsche mark. Weighted average exchange rate of the mark - 75.25 (- 0.33) tenge per unit. Trade volume of the session - DEM55 (+25) thousand. At closing of the session Deutsche mark was offered at 75.20 tenge per unit. No deals were made in euro. At closing of the session euro was quoted at 146.10/149.15 tenge per unit.