Noticeable activation of the buyers makes the exchange rate of the dollar to grow at KASE

/IRBIS, Nov.30, 99/ - The morning trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE) with TOD payment terms. 21 banks participated in the trades. Today the trades in US dollars opened at 137.70 tenge per unit. Total of 125 deals were made. Weighted average dollar exchange rate equaled to 137.90 (+0.17) tenge per unit. Volume of the session - $6,195 mln (+$5,855 mln). Exchange rate fluctuation during the trade did not exceed 0.17%. The trades were closed at 137.91/92 tenge per dollar. Today opening level corresponded to that of yesterday. However, the market conjuncture changed again. Quite a large volume of an American currency supply have appeared on the floor. It made the market alive. Throughout the session sellers tried to boost the exchange rate, by making attempt to sell the dollar as high as possible. Such persistence was not usual for recent times, so was the high speculative component of the trade: each of three participants, who were the leaders of today's trades, sold and bought about the same amount of dollars and left the floor with minimal net- positions, benefiting from exchange rate differences during the trade. The session resulted in firming of the dollar against tenge which did not look accidental today. In some dealers' opinion, the market found its "bottom" and now it will try to soar. Results of today's trades prove this forecast. However, in IRBIS analysts' opinion, it is still early to talk about a reversal of the trend. On the one hand, banks lack free funds at the end of a month. On the other hand, volume of exporters' earnings grow remarkably at the beginning of each month. Therefore, to prove the new trend the market should be analyzed after December first. One hour after closing of the morning session on interbank market of Kazakhstan dollar was quoted at 137.95/138.05 tenge per unit, two hours later - 138.01/07. In the morning session of KASE with TOD payment terms at 13:00 the dollar was asked for 137.88. Offer was absent. Deutsche mark, morning session, TOD: 5 deals, weighted average rate - 71.41 (-0.04) tenge per unit, volume - DEM65 (-25) thousand. At closing of the session Deutsche mark was quoted at 71.36/43 tenge per unit. Euro, morning session, TOD: 1 deal, at 139.50 (-3.50) tenge per unit, volume - EUR5 (0) thousand. At closing of the session euro was quoted at 139.50/141.50 tenge per unit.