At KASE dollar continues to grow on the threshold of cancellation of mandatory sale of exporters' earnings

/IRBIS, Nov.05, 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 in US dollars opened at 140.20 tenge per unit. Total of 230 deals were made. Weighted average dollar exchange rate made 140.35 (+0.24) tenge per unit. Volume of the session - $11.790 mln (+$255 mln). Exchange rate fluctuation during the trade reached 0.21%. The trades were closed at 140.20/21 tenge per dollar. As it was assumed, today the dealers made the next attempt to stretch their currency positions. Buying volumes of dollars by some banks significantly exceeded their selling volumes at that. Intensive growth of the dollar exchange rate under the influence of great demand was observed in the first half of the session, and as a result, price of an American currency reached 140.45 today. Close to the middle of the session the market got balanced within a price range of 140.38 - 140.40. In final phase of the trade the market conjuncture changed. Buyers refused to go for a price compromise. It made sellers to fulfill mandatory orders of their clients at falling exchange rate of the dollar, and as this fall continued the dollar was bought up with increasing intensity. It is quite obvious the market is in the expectation of cancellation of mandatory sale of exporters' earnings in near future. It has changed. However, today it was apparent the banks were not willing to buy dollars at any given price. Today, the maximum acceptable price was equal to 140.40 tenge per dollar. An attempt to sell an American currency at more expensive price did not succeed. A slight overheated market at the exchange was proved by interbank quotations of the dollar. One hour after closing of the trades on over-the- counter market of Kazakhstan dollar was quoted at 140.25/35 tenge per unit, two hours later -140.26/32. No deals were made in Deutsche mark. At closing of the session Deutsche mark was asked for 74.50 tenge per unit with no demand for it. No deals were made in euro. At closing of the session euro quotations were absent.