At KASE supply of dollars brings down its exchange rate

/IRBIS, Dec.9, 99/ - The morning trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE) with TOD payment terms. 19 banks participated in the trades. Today the trades in US dollars opened at 138.34 tenge per unit. Total of 76 deals were made. Weighted average dollar exchange rate equaled to 138.31 (-0.06) tenge per unit. Volume of the session - $2,315 mln (+$225 mln). Exchange rate fluctuation during the trade did not exceed 0.04%. The trades were closed at 138.28/29 tenge per dollar. Beginning phase of the trade was not fruitful. The first deal of the session was made only at 20th minute. Later, the market got balanced at 138.29 - 138.35 tenge per dollar range. It was interesting to note that a speculative components in dealers' behaviors were close to zero (some participants were purely buying dollars while other selling them), low degree of market monopolization both on demand and supply, and emergence of noticeable supply of an American currency from the banks of the second tier. Most likely, the latter can be explained by a sale of exporters' earnings at the Exchange, because the exchange rate of the dollar is somewhat higher at the Exchange than in interbank market for two days in a row. It should be said though, resulting firming of the tenge was caused mainly by a high (for recent times) volume of dollar supplies by the banks of the second tier. One hour after closing of the morning session in interbank market of Kazakhstan dollar was quoted at 138.25/32 tenge per unit, two hours later - 138.27/33. In the day session of KASE with TOD payment terms at 1:00PM the dollar quotations were absent. Deutsche mark, morning session, TOD: no deals. Closing quotations - 72.50/85 tenge for mark. Euro, morning session, TOD: no deals. Closing quotations - 141.31/142.30 tenge for euro.