There is an objective parity between demand and supply at KASE trades in dollars
06.10.00 00:00
/IRBIS, Oct.6, 00/ - Today the next morning trades in U.S. dollars, Deutsche
marks and euros with TOD payment terms were held at Kazakhstan stock
exchange (KASE). 19 banks participated in the trades.
Today the trades in U.S. dollars opened at KZT142.51 per unit. Total of 58
deals were made. Weighted average dollar exchange rate equaled to
KZT142.50 (+0.03) per unit. Volume of the session - $2.930 mln (+$2.425
mln). Exchange rate fluctuation during the trade - 0.06%. The trades were
closed at KZT142.50/51 per dollar.
After the calmness, observed yesterday, the currency traders became more
active today. Along with the reappearance of the dollar supplies, that were
obviously less than those observed a few days ago, there was the demand
as well. The banks were quite active at buying the American currency. The
monopolization degrees of both the demand and the supply was low.
In general, the market was demonstrating an objective parity which was
reached by the traders in half an hour. During that time the participants were
engaged in position games. Some participants were confident in the
objective growth of the dollar exchange rate, while others had opposite
opinions. The result was a really compromise, where the dollar was traded
within KZT142.48 - 142.51 interval at first, then, during the last 10 minutes
the market stabilized at KZT142.50 level.
Distinctive feature of the session is a complete absence of speculative
component in the behaviors of the traders. The participants were either
buying or selling dollars.
As a whole, the market did not seem to be under the control of the clients. It
was more likely that it were the banks that controlled the market. Some
traders were selling dollars to participate in the offerings of MEKKAM-3 after
a big borrowings of the National Bank and the Ministry of Finance conducted
during the week. Others were buying with the confidence in the fact that too
much USD has been sold already.
The final conclusions regarding further changes in the market rates can be
drawn only close to the closing of the market in the evening. So far, the
situation is not clear.
One hour after closing of the morning session on interbank over-the-counter
market of Kazakhstan dollar was quoted at KZT142.46/50 per unit. Two
hours later the quotations did not change. At the day session of KASE with
TOD payment terms at 12:30PM the dollar quoted at KZT142.48/50 per unit,
the last deal was made at KZT142.50. The volume of deals did not exceed
$50 th. so far.
Deutsche mark, morning session, TOD: no deals. Closing quotations -
KZT63.30/70 for a mark.
Euro, morning session, TOD: no deals. Closing quotations were absent.