Sharp growth in sales of dollars at the KASE increased the exchange rate of the tenge

/IRBIS, Oct.12, 00/ - Today the next morning trades in U.S. dollars, Deutsche marks and euros were held at Kazakhstan stock exchange (KASE) on TOM payment terms. 17 banks participated in the trades. Today the trades in U.S. dollars opened at KZT142.63 per unit. Total of 121 deals were made. Weighted average dollar exchange rate equaled to KZT142.56 (-0.05) per unit. Volume of the session - $11.480 mln (+$8.580 mln). Exchange rate fluctuation during the trade - 0.06%. The trades were closed at KZT142.58/63 per dollar. The trades differed from several previous ones noticeably. Mainly, it was due to a sharp increase in the supply of dollars from several banks of the second tier. Demand was an adequate, and once again proved that the volume of the trades depends not by the demand, but by the supply of the American currency. However, while the U.S. dollar was sold in big quantities (more than 1 mln) by at least four banks, then it was bought mainly only by three traders. And one of them has bought 56% of all the currency offered today. The fact not observed lately that four traders were both buying and selling USD today should be noted also. During the last three weeks it was unusual for them to work "in two directions". In general, during the trades the exchange rate of the U.S. dollar was demonstrating an objective balance of the market at KZT142.55 per unit level. The parity between the demand and supply remained on the trade floor almost throughout the whole trades. Only during the last minutes of the trades the USD price began to soar, and this trend was confirmed by a quick growth of the transaction volumes from 5.0 to 11.4 mln dollars. Based on this circumstance, it can be said that demand remains great, most likely created by the clients, and the dollar still has chances to get back to the positions it reached yesterday if the sales decline. It is hard to make any certain statements regarding the sources of the American currency offered today by the BST. Apparently, most of it originated as the earnings of the exporters. However, it is quite possible that some banks were selling their own dollars under the influence of the market cleanup of the National Bank, as well as restoration of their short-term liquidity after the purchases of MEKAM at the beginning of this week. It is also possible that some BST were selling USD to get the tenge in order to participate at the auctions of interesting GS - MEKKAM-6 today and notes-35 on Friday. One hour after closing of the morning session on interbank over-the-counter market of Kazakhstan dollar was quoted at KZT142.61/66 per unit. Two hours later - KZT142.59/64. At the day session of KASE on TOD payment terms at 12:30PM the dollar quoted at KZT142.61/66 per unit. By 1PM no deals were made so far. Deutsche mark, morning session, TOD: no deals. Closing quotations - KZT63.20/80 for a mark. Euro, morning session, TOD: no deals. Closing quotations were absent.