KASE: exchange market for dollar is still balanced

/IRBIS, Dec.21, 99/ - The morning trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE) with TOD payment terms. 17 banks participated in the trades. Today the trades in US dollars opened at 138.11 tenge per unit. Total of 46 deals were made. Weighted average dollar exchange rate equaled to 138.12 (+0.13) tenge per unit. Volume of the session - $980 thousand (-$2,610 mln). Exchange rate fluctuation during the trade did not exceed 0.02%. The trades were closed at 138.10/12 tenge per dollar. Strong opening of the session today was caused by a growth of dollar quotations in interbank market all Monday. However, results of the trades indicate that the market is still balanced. Some firming of the dollar by the results of the trade can be regarded as working fluctuations of the exchange rate caused by speculative games of the traders. The balance of the market is proved by the fact that exchange rate of the dollar was inclined to fall after a strong opening of the session, and the most of the deals were made at 138.10 - 138.11 - minimal prices of the day. Exchange market for the dollar demonopolized today. Banks of the second tier were quite active both on buying and selling USD. But the dealers restrained themselves with small operations, hence, the market can not be characterized as liquid in this sense. It is interesting that a speculative component in participants' behaviors was very little. Even if the net-position of a particular bank exceeded 70 thousand USD, then this bank was either buying or selling dollars. One hour after closing of the morning session on interbank market of Kazakhstan dollar was quoted at 138.12/15 tenge per unit, two hours later - 138.12/17. In the day session of KASE with TOD payment terms at 1:00PM the dollar quotations were still absent. Deutsche mark, morning session, TOD: 2 deals, weighted average rate - 72.00 (+0.60) tenge per unit, volume - DEM10 (+5) thousand. Closing quotations - 71.80/72.00 tenge for mark. Euro, morning session, TOD: 1 deal, price - 140.50 (-0.55) tenge per unit, volume - EUR5 (-5) thousand. Closing quotations - 139.31/140.50 tenge for euro.