At KASE USD exchange rate keeps increasing uncertainly without principal changes in the market conjuncture

/IRBIS, Dec.22, 99/ - The morning trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE) with TOD payment terms. 20 banks participated in the trades. Today the trades in US dollars opened at 138.20 tenge per unit. Total of 83 deals were made. Weighted average dollar exchange rate equaled to 138.25 (+0.13) tenge per unit. Volume of the session - $1,255 mln (+$275 thousand). Exchange rate fluctuation during the trade did not exceed 0.06%. The trades were closed at 138.20/22 tenge per dollar. In first 15 minutes of the session sellers were able to boost the exchange rate of the dollar. Demand for an American currency was great in this phase of the trade and was supported by half of participants of the session. As a result, exchange rate of the dollar went up to 138.27 tenge per unit. However, further developments on the trade floor proved impossibility of a certain growth of USD exchange rate in current situation. Demand began to shrink quickly. Now sellers had to make a compromise. The exchange rate of the dollar plummeted by the mid trades. Final phase of the trade demonstrated a balanced and sluggish market, where the dollar was not in demand at all. By the results of the trade it becomes apparent that the growth in weighted average rate of the dollar was due to mass demand of the banks of the second tier and their clients. The market is not changing principally, and tomorrow tenge may gain back some points again. One hour after closing of the morning session on interbank market of Kazakhstan dollar was quoted at 138.18/21 tenge per unit, two hours later - 138.17/22. In the day session of KASE with TOD payment terms at 1:00PM the dollar was still not quoted. Deutsche mark, morning session, TOD: 1 deal, price - 71.50 (-0.50) tenge per unit, volume - DEM5 (-5) thousand. Closing quotations - 71.40/50 tenge for mark. Euro, morning session, TOD: no deals. Closing demand - 138.63 tenge for euro, no offer.