Dollar market in Kazakhstan gets used to dollar's strengthening more and more condidently

/IRBIS, March 21, 03/ - Today the next morning trades in U.S. dollar were held at Kazakhstan Stock Exchange (KASE) on TOD payment terms. A total of 18 banks participated in the trades. The trades opened at KZT152.20 per dollar. A total of 118 deals were made. Weighted average exchange rate equaled to KZT152.20 (+0.38) per unit. Volume of the session - $34.365 m (+$12.940 m). At closing of the session quotations were KZT152.17/18 per dollar. Trades have shown that dollar market in Kazakhstan more and more confidently assimilates tendency of tenge's weakening as having the right to be present. In the opinion of IRBIS specialists it occurs due to compliance of the National Bank, which regulates speed of growth dollar's rate, but which lets USD strengthen rather quickly. It makes dollar an attractive financial instrument for investing banks' free money. Number of USD sellers continues to decrease at the stock exchange. Most participants of the trade worked exceptionally for purchasing USD today regardless of their usual behavior at the floor. The increased demand, which can be called massed already, caused significant increase of trades' volume. That demand was satisfied almost by the only participant at 152.20 what predetermined weighted average value of the rate by the results of the session. Only in the final phase of the trade the main seller played downwards and pulled resistance level down to 151.18. At closing of the morning session out of the stock exchange dollar was at KZT152.10/20, two hours later - 152.37/50. At the day trades of KASE at 1:00 p.m. dollar was at 152.39/42, the last deal was made at 152.42. The market continues to go up quickly [2003-03-21]