USD exchange market changes, banks begin to sell dollars

/IRBIS, Jan.19, 00/ - The morning trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE) with TOD payment terms. 13 banks participated in the trades. Today the trades in US dollars opened at 139.55 tenge per unit. Total of 22 deals were made. Weighted average dollar exchange rate equaled to 139.50 (-0.06) tenge per unit. Volume of the session - $785 th. (-$1,560 mln). Exchange rate fluctuation during the trade - 0.04%. The trades were closed at 139.50/51 tenge per dollar. Today activity of the session participants decreased noticeably. Volume of deals for the most of the banks did not exceed 50 - 65 th. U.S. dollars. Majority of these deals were made in closing phase of the trade at lower dollar exchange rate than the opening price. Relative balance of the market has settled at 139.50 tenge per dollar. Behaviors of some of the traders show that the banks of the second tier begin to close their long positions in dollars. It is likely, they will start to sell U.S. dollars soon. Decrease in demand for the American currency is felt not only among the participants of the Exchange trades. For the first time this year in the interbank market quotations of the American currency remain below that of the Exchange immediately after closing of the trades at KASE. One hour after closing of the morning session on interbank market of Kazakhstan dollar was quoted at 139.44/49 tenge per unit, two hours later - 139.40/45. In the day session of KASE with TOD payment terms at 1:00PM the dollar was at 139.45/50. Trade results show presently the market is hung up waiting for a new trend, which will likely to be determined within two last days of the week. This balance still seems to be shaky, banks took "wait-and-see" positions. Deutsche mark, morning session, TOD: 1 deal, price - 72.50 (-0.75) tenge per unit, volume - DEM5 (-15) th. Closing quotations - 72.29/50 tenge for mark. Euro, morning session, TOD: no deals. Closing quotations - 141.31/60 tenge for euro.