At KASE dollar exchange rate keeps falling under essential sales of BST

/IRBIS, Feb.16, 00/ - The morning trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE) with TOD payment terms. 19 banks participated in the trades. Today the trades in US dollars opened at 139.80 tenge per unit. Total of 87 deals were made. Weighted average dollar exchange rate equaled to 139.83 (-0.02) tenge per unit. Volume of the session - $10.165 mln (+$5.575 mln). Exchange rate fluctuation during the trade - 0.04%. The trades were closed at 139.82/83 tenge per dollar. Today banks of the second tier kept selling dollars at KASE. Almost all sellers were dealing with essential volumes of the American currency, which was not adequate to level of the demand created by the buyers. Such behavior of BST could be due to two auction to be held on Thursday for offering attractive SS - notes-49 and MEKKAM-3. Preparing to create a great demand banks are increasing their stocks of tenge. Tax payments of the bank clients can have a certain impact on the prevalence of supply over the demand. Behaviors of some traders let to assume that exporters' earnings appeared on the trade floor today, for whom it is more beneficial to sell them at KASE rather than on interbank market where the exchange rate is low. General mood of the market can be added to these factors. After a short firming of the dollar banks are closing their long positions and switching them to short ones, since the exchange rate will hardly increase till Friday. Such disposition of the traders did not stimulate the growth of the dollar exchange rate today. During the first half of the morning session price of the American currency was inclined to fall. The fall stopped only under the influence of the demand that was created by a single major buyer, and due to that the market was kept balanced in the second half of the trade at 139.82 tenge per dollar. Results of the trade show that today there are all prerequisites for further growth of tenge. One hour after closing of the morning session on interbank market of Kazakhstan dollar was quoted at 139.75/85 tenge per unit. Two hours later - 139.78/83. In the day session of KASE with TOD payment terms at 12:30PM the dollar was at 139.79/84. Deutsche mark, morning session, TOD: no deals. Closing quotations - 69.50/71.00 tenge for mark. Euro, morning session, TOD: no deals. Closing quotations - 136.93/139.73 tenge for euro.