Tenge went on developing at KASE due to mainly three banks' sales of dollar

/IRBIS, August 13, 03/ - Today the next morning trades in U.S. dollar were held at Kazakhstan Stock Exchange (KASE) on TOD payment term. A total of 16 banks participated in the trades. The trades opened at KZT146.20 per dollar. A total of 123 deals were made. Weighted average exchange rate equaled to KZT146.39 (-0.21) per unit. Volume of the session - $28.470 m (-$9.365 m). At closing of the session quotations were KZT146.37/38 per dollar. Conjuncture of dollar market has not changed greatly relative to previous day. As IRBIS analysts assumed, some growth of demand for USD, which provoked some falling of tenge's rate at Tuesday's day trades, had speculative nature. Traders; who bought dollars, today were selling them, opening downward. Prevailing of USD offer over demand was caused mainly by three banks. Two of them sold 6 m. each, the other - almost 10. Positions of 4 more participants on sale were equal to 1 m. or exceeded this sum. Thus, the market is still directed towards USD sale, including - exporters' proceeds, volume of which at goes on growing at KASE. Second tier banks' demand was big, however it yielded to offer, that predetermined decrease of dollar's rate within the active phase of the trade from 146.40 to 146.38. Such the insignificant price dynamics was caused by the significant influence of the head bank upon the market. The session has shown that tenge's potential for further strengthening is still high. The market is directed towards going down, and it is urged forwards by speculative component in traders' behavior besides objective factors. At closing of the morning session out of stock exchange dollar was at KZT146.30/39, one hour later - 146.34/40. At the day trades of KASE at 12:25 p.m. dollar was at 146.35/39, the last deal was made at 146.37. [2003-08-13]