Demand for dollars has decreased, but the market is still for firming of USD

/IRBIS, March 2, 00/ - Today the next morning trades in U.S. dollars, Deutsche marks and euros were held at Kazakhstan stock exchange (KASE) with TOD payment terms. 19 banks participated in the trades. Today the trades in U.S. dollars opened at KZT140.83 per unit. Total of 62 deals were made. Weighted average dollar exchange rate equaled to KZT140.85 (+0.15) per unit. Volume of the session - $3.150 mln (-$15.080 mln). Exchange rate fluctuation during the trade - 0.06%. The trades were closed at KZT140.84/85 per dollar. The dollar market conjuncture has changed again. In current situation "exhale of the market" on Wednesday main session of KASE as the highest volume of trades was not achieved again. Demand decreased significantly today. To some extent, it was caused by today's two SS auctions with Friday payments, and by the necessity of transferring money for previously purchased SS of the week. The banks of the second tier were active both on selling and buying dollars. With that, most of the dealers preferred one sided position: some of them were only buying dollars, while the others were selling them. Low activity of the buyers made the market to fall to the minimum level of the session - KZT140.80 per dollar in the beginning phase of the trade. From this mark demand began to grow, which allowed the sellers to raise the market gradually and on small amounts up to KZT140.84, first, then to KZT140.88. But the market did not went any higher. Appearance of an essential volume of supplies from two sellers at once determined the results of the second half of the trade: from the 30th minute on tenge was firming. The market did not seem to be balanced based on the results of the session. Resulting firming trend of the dollar was vivid, which means that the banks and their clients are ready to buy the American currency at gradually increasing price. However, there were no such an organized and one sided demand of BST as it was on Wednesday. One hour after closing of the morning session on interbank market of Kazakhstan dollar was quoted at KZT140.85/92 per unit. Two hours later quotations did not change. In the day session of KASE with TOD payment terms at 12:30PM the dollar was at KZT140.87/92 with the price of the deals at KZT140.89. Deutsche mark, morning session, TOD: no deals were made. Closing quotations were absent. Euro, morning session, TOD: no deals were made. Closing offer - KZT139.55 for euro, no demand.