At KASE activity of trades in USD has decreased again

/IRBIS, Dec.2, 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 138.09 tenge per unit. Total of 69 deals were made. Weighted average dollar exchange rate equaled to 138.08 (+0.03) tenge per unit. Volume of the session - $1,085 mln (-$9,515 mln). Exchange rate fluctuation during the trade did not exceed 0.10%. The trades were closed at 138.06/16 tenge per dollar. Based on the volume of transactions made, activity of the market has shrunk again. It took 15 minutes for the traders to reach a compromise. But even after this, the market was very "thin". It is enough to say that dollar was traded within 138.09 -138.13 till the 25th minute of the trades, but when a big supply of dollars, amounting to half a million USD, appeared on the floor the market literally dipped down to 138.01, and then the exchange rate went up again. Mainly two banks of the second tier were offering dollars today, though their volumes were not high, which explains the low activity of the market. Demand was more organized: 7 of 21 participants were purely buying an American currency. However, the demand was under the control of supply, and dealers did not want to buy the dollar at any price. By the results of the trades, it seems as if the market for the dollar is balanced. Dealers are more interested in "swinging" the market to achieve the maximum price fluctuation, enough to benefit the exchange rate difference than in growth of the exchange rate of the dollar. One hour after closing of the morning session on interbank market of Kazakhstan dollar was quoted at 138.10/16 tenge per unit, two hours later - 138.02/12. In the day session of KASE with TOD payment terms at 1:00PM the dollar was not quoted. Deutsche mark, morning session, TOD: 1 deal, price - 71.30 (-0.22) tenge per unit, volume - DEM15 (+10) thousand. At closing of the session Deutsche mark was quoted at 71.11/30 tenge per unit. Euro, morning session, TOD: no deals. At closing of the session euro was quoted at 139.40/141.03 tenge per unit.