Trades in USD at KASE indicate that tenge has strong positions

/IRBIS, Nov.17, 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 138.60 tenge per unit. Total of 300 deals were made. Weighted average dollar exchange rate made 138.72 (-0.40) tenge per unit. Volume of the session - $12.500 mln (+$5,885 mln). Exchange rate fluctuation during the trade reached 0.24%. The trades were closed at 138.86/87 tenge per dollar. Today exchange rate of an American currency grew all session long with high degree of market monopolization: more than 80% of dollars were bought by a single participant. This fact does not allow to say that the dollar grew under the influence of objective market conjuncture. Positions of tenge are still strong. Despite strengthening of the dollar during the trades, by the results of the session a significant decrease in weighted average exchange rate of the dollar was recorded with respect to yesterday's trades. The market opened weak. Demand of the banks of the second tier was almost absent, on the contrary, supply was great, as six participants were selling an American currency in large volumes. Other dealers also preferred to buy sell dollars, but their transaction volumes were symbolic. The trades indicate that no strengthening of the dollar is expected, in spite of cancellation of mandatory sale of exporters' earnings. One hour after closing of the trades on over-the-counter market of Kazakhstan dollar was quoted at 138.52/62 tenge per unit, two hours later - 138.34/44. Deutsche mark: 3 deals, weighted average rate - 73.69 (+0.09) tenge per unit, volume DEM50 (+45) thousand. At closing of the session Deutsche mark was quoted at 73.11/74.00 tenge per unit. Euro: no deals were made. At closing of the session euro was asked for 142.20 tenge per unit, offer was absent.