Banks of the second tier do not resist falling exchange rate of the dollar at KASE

/IRBIS, Nov.18, 99/ - The next trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE). 21 banks participated in the trades. Today the trades in US dollars opened at 138.14 tenge per unit. Total of 177 deals were made. Weighted average dollar exchange rate made 138.40 (-0.32) tenge per unit. Volume of the session - $21.125 mln (+$8,625 mln). Exchange rate fluctuation during the trade reached 0.27%. The trades were closed at 138.40/42 tenge per dollar. Today the market conjuncture was identical to that of yesterday: great supply of dollars by the banks of the second tier in spite of the cancellation of mandatory sale of exporters' earnings, high degree of demand monopolization. Only one market participant was buying dollars in large quantities. The other dealers restricted themselves with speculative games of small quantities. Five out of 21 traders left the floor with zero net-positions. Based on the trade results, fall of the exchange rate of the dollar will continue in near future. It seems as if the banks began to "shorten" their currency positions by recklessly lowering the portion of dollars in their assets. One hour after closing of the trades on over-the-counter market of Kazakhstan dollar was quoted at 138.35/55 tenge per unit, two hours later - 138.30/55. Deutsche mark: no deals. At closing of the session Deutsche mark was quoted at 73.80/89 tenge per unit. Euro: no deals. At closing of the session euro was quoted at 143.00/144.50 tenge per unit.