Continuous decline of dollar ask again led to tenge strengthening

/IRBIS, July 9, 03/ - Today the next morning trades in U.S. dollar were held at Kazakhstan Stock Exchange (KASE) on TOD payment term. A total of 14 banks participated in the trades. The trades opened at KZT147.00 per dollar. A total of 93 deals were made. Weighted average exchange rate equaled to KZT147.15 (-0.23) per unit. Volume of the session - $33.365 m (-$9.165 m). At closing of the session quotations were KZT147.14/15 per dollar. As it was expected, dollar bid at KASE stayed at high levels. Five STB entered the floors with large sales volume. Demand was still under control in general by one bank, owing to him the market during the session was at 147.15 and decrease of USD rate was minimal. Due to weak bent of the market to growth, the ask for US dollar remains at low levels. In general activity of STB today was high, but only as regards ask on tenge. As a whole market hadn't changed trading in formed channel. Naturally, at that some banks were able to realize rate difference, which allows speaking about speculative component of traders. By results of the auction it can be suggested that formally the ask balanced the bid volume, but disposition of the buyers and sellers determines the strong priority for the last. Fall of demand on dollar doesn't relate to change of creditability of STB and is regular event, which cannot be treated as trend. The market again was working on movement from line of resistance to its support that lies at 147.00 At closing of the morning session on the OTC market dollar was at KZT147.14/24, one hour later - 147.10/15, one hour and a half - 147.10/15. At the day trades of KASE at 12:50 p.m. dollar was at 147.12/16, last deal was at 147.15. [2003-07-09]