At KASE dollar exchange rate keeps growing under unchanged market conjuncture

/IRBIS, Jan.17, 00/ - The morning trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE) with TOD payment terms. 14 banks participated in the trades. Today the trades in US dollars opened at 139.70 tenge per unit. Total of 35 deals were made. Weighted average dollar exchange rate equaled to 139.60 (+0.24) tenge per unit. Volume of the session - $4,550 mln (-$3,510 mln). Exchange rate fluctuation during the trade - 0.09%. The trades were closed at 139.61/80 tenge per dollar. Like on last trades of previous week strong opening of the session did not receive dealers' support. After the first deal (actually, 20 minutes later) the market found equilibrium level at 139.60 tenge per dollar, that is a little higher than the compromise reached on Friday. In general, no changes in the market conjuncture has been observed. Demand is created by a market-maker, who, due to the benefits given to it on commission, tries to buy as many dollars as possible for further sale out of the Exchange at a higher rate. And demand, as on last trades, was mainly satisfied by an another participant. Such "duel" is being observed on the floor from the beginning of the year, other traders join it just to fulfill customers' orders as they get collected. At the same time, at KASE volume of dollar purchases by a market-maker objectively depends on the demand in currency market of Kazakhstan. If at KASE the dollar exchange rate grows under the pressure of the market- maker's demand, then the demand exists in the whole market and it is quite high. Thus, only the pattern of the banks working in the currency market has changed since the beginning of the year, nothing more. As a whole, activity of the banks was quite low today. Apart from those two active dealers mentioned above, net-positions of other participants varied from 30 to 250 th. USD for each. Speculative component in dealers' behaviors practically did not exist. One hour after closing of the morning session on interbank market of Kazakhstan dollar was quoted at 139.59/62 tenge per unit, two hours later - 139.58/62. In the day session of KASE with TOD payment terms at 1:00PM the dollar was at 139.60/65. Deutsche mark, morning session, TOD: no deals. Closing quotations - 72.40/73.35 tenge for mark. Euro, morning session, TOD: no deals. Closing demand - 140.51 tenge for euro, no offer.