At KASE activity of the banks is being restored gradually

/IRBIS, March 16, 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. 17 banks participated in the trades. Today the trades in U.S. dollars opened at KZT141.20 per unit. Total of 74 deals were made. Weighted average dollar exchange rate equaled to KZT141.48 (+0.10) per unit. Volume of the session - $6.095 mln (+$3.425 mln). Exchange rate fluctuation during the trade - 0.22%. The trades were closed at KZT141.49/51 per dollar. As it should be expected, today the activity of the dealers on the trade floor of KASE grew noticeably. The liquidity of the banks is being restored after a brief deficit of free funds caused by tax payments and purchases of quickly growing dollars during previous three weeks. The market is looking "upward" again. However, quotations of the shortest money are still high - 9/15% APR. Today the exchange rate of the dollar grew with confidence only in the first half of the trades. Demand was high. But the supply was adequate. In the second half of the session buyers were able to take the initiative in their hands and lower the market down to KZT141.46. But, it was this fall that provoked another surge of demand in final phase of the trades. In last ten minutes of the trades dollar began to gain back, and it happened under quickly growing volumes of the deals. By the results of the session the market did not seem to be balanced. On the background of increasing purchasing power of the banks tenge is getting weak. But, so far, the firming pace of the dollar is regulated by the market itself: there is both demand and supply. One hour after closing of the morning session on interbank market of Kazakhstan dollar was quoted at KZT141.53/57 per unit. Two hours later - KZT141.48/56. In the day session of KASE with TOD payment terms at 12:30PM the dollar was at KZT141.53/58. Deutsche mark, morning session, TOD: no deals. Closing demand - KZT70.10 for mark, no offer. Euro, morning session, TOD: no deals. Closing quotations- KZT136.31/139.32 for euro.