At KASE USD exchange rate keeps decreasing due to supply of the banks of the second tier

/IRBIS, Dec.10, 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 138.25 tenge per unit. Total of 143 deals were made. Weighted average dollar exchange rate equaled to 138.24 (-0.07) tenge per unit. Volume of the session - $4,765 mln (+$2,450 mln). Exchange rate fluctuation during the trade did not exceed 0.09%. The trades were closed at 138.25/26 tenge per dollar. Despite quite a low opening quotations, exchange rate of the dollar kept falling in first minutes of the trade. Dealers came alive only after the dollar reached 138.20 tenge per unit at eleventh minute. From this mark exchange rate of an American currency soared to the maximum level for today's session - 138.32 tenge per dollar. During this time banks sold more than half of all session's turnover. The most active trade participants were two banks from both sellers' side and buyers' side. Other banks were making deals reaching 400 thousand at most. Final compromise between the dealers has been found by the end of the trade at 138.26 tenge per dollar. Most likely, sale of exporters' earnings was the reason for supply of currency to increase on the trade floor of KASE from the banks of the second tier, which caused the exchange rate of the dollar to decrease in the end. One hour after closing of the morning session on interbank market of Kazakhstan dollar was quoted at 138.24/26 tenge per unit, two hours later - 138.21/24. In the day session of KASE with TOD payment terms at 1:00PM the dollar was not quoted. Deutsche mark, morning session, TOD: no deals. Closing quotations - 72.40/55 tenge for mark. Euro, morning session, TOD: no deals. Closing quotations - 141.50/50 tenge for euro.