Kazakhstan money market has reached "the bottom", waits for dollar growth - delaers

/Almaty bureau REUTERS, Tatyana Seroshtanova, October 17, 02/ - Absence of large deals and insignificant decrease of weighted average rate of Kazakhstan tenge at stock exchange's money trades on Thursday allowed market's participants to assume that the market had reached the bottom and the next week gradual growth of dollar will start. "I think that it reached the bottom yesterday already. May be dollar will remain on this level till the end of the week, the next week its growth will begin", - said one dealer of Eurasian bank. "Taking into account the fact that banks have purchased so many dollars, I think, the growth will be insignificant". Some market's participant do not exclude that National Bank was present at the "interbank" that can also be the reason of dollar growth. "I think it (growth) is concerned with activation of the National Bank at the interbank market", - said the treasurer of Alfa-bank Denis Rylyev. Weighted average rate of tenge decreased on Thursday at Kazakhstan stock exchange's trades to 154.20 for $1 from 154.18 yesterday. Volume of trades reduced to $1.705m from $20.255m at previous trades on Wednesday. Unlike previous days, when many market's participants preferred to conduct deals at the stock exchange on account of presence of the main currency purchaser - National Bank, on Thursday their interest moved to interbank market. There several big players purchased high volumes of dollars since the morning already. According to dealers' words, activity of interbank market was rather high since the morning, when deals were made on the level 154.17 for $1. "I assume that (at the interbank) one of large players was purchasing. There was high activity at the interbank, probably the main volumes were sold there. Now it is real to purchase them at 154.19 for $1. In the morning it was possible to purchase at the market at 154.17", - said a dealer of Bank Caspian. [2002-10-17]