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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya Bourse key index rises despite a drop in turnover

NAIROBI (Xinhua) -- Kenya’s Nairobi Securities Exchange (NSE) 20 Share Index had the third straight gain Friday to close the week at a high of 2,963.08.

During the session, the benchmark index rose 12 points as it sustained gains it had made from Wednesday where it had sank to a low of 2947.93.

Stockbrokers attributed the surge to price increases of large stocks, including Safaricom, Kenya Commercial Bank (KCB) and Equity Bank.

Safaricom, Kenya’s leading telecom operator, went up for the first time in a week to trade at a high of 0.17 dollars, an increase of 6 percent, and move 16 million shares to end the day as the best traded stock.

Equity Bank came in second with 1.4 million shares traded at 0.27 dollars, an increase of 2 percent while Cooperative Bank was third with 954,400 shares.

Standing in at the fourth and fifth positions were KCB and KenolKobil, which traded 914,000 and 558,500 shares at 0.27 dollars and 0.13 dollars respectively.

Despite the surge in share prices, turnover at bourse went down 60 percent to 3.9 million dollars on a volume of 23 million shares from 55 million worth 9.9 million dollars, with foreign investors whose participation standing at 73 percent and being net sellers.

The bond market too witnessed decreased activity with securities worth 14 million dollars transacted compared to 40 million dollars posted the previous session.

           

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