KASE: demand for dollars is still formed mainly by supply, which was small today

/IRBIS, Dec.14, 99/ - The morning trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE) with TOD payment terms. 18 banks participated in the trades. Today the trades in US dollars opened at 138.06 tenge per unit. Total of 36 deals were made. Weighted average dollar exchange rate equaled to 138.08 (-0.09) tenge per unit. Volume of the session - $575 thousand (-$7,040 mln). Exchange rate fluctuation during the trade did not exceed 0.03%. The trades were closed at 138.09/10 tenge per dollar. Distinctive feature of today's trades was insignificant volume of deals, caused by absence of large volumes of dollar supply from clients of the banks. Demand is still formed mainly by supply. If it is high, demand emerges. If it is absent, as it did today, major operators of the market restrain themselves by small deals or keep themselves away from any deals, preferring to make deals in interbank market. IRBIS specialists believe the banks were selling their own dollars. The market kept growing deal after deal, however weak opening of the trades did not let the weighted average rate of the dollar to grow by the results of the session. The session proved the market for the dollar is still balanced and is saturated with an American currency. One hour after closing of the morning session on interbank market of Kazakhstan dollar was quoted at 138.07/10 tenge per unit, two hours later - 138.05/10. In the day session of KASE with TOD payment terms at 1:00PM quotations for an American currency were absent. Deutsche mark, morning session, TOD: 1 deal, price - 71.78 (-0.02) tenge per unit, volume - DEM5 (-80) thousand. Closing quotations - 71.70/78 tenge for mark. Euro, morning session, TOD: no deals. Closing quotations - 139.66/140.40 tenge for euro.