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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Nairobi Bourse key index pulled down by top stocks decline 

NAIROBI (Xinhua) -- Kenya’s Nairobi Securities Exchange (NSE) benchmark index took a negative turn Wednesday, dropping 3 points to close at 2,970.98 as the market was pulled down by decline in large stocks.

Safaricom, Equity Bank, Kenya Commercial Bank (KCB) and Barclays Bank were some of the top stocks whose share prices declined.

Kenya’s leading telecommunication company Safaricom, which traded 38 million shares and surged 5.2 percent Tuesday, went down 2.7 percent as it moved 7 million shares.

Mumias Sugar was the day’s second best traded stock after moving 2.1 million shares at unchanged price of 0.01 dollars.

KCB came in third after going down 0.8 percent to trade at 0.29 dollars and move 1.9 million shares. The share has been on a rally following the bank’s declaration of profit last week but the drop signals it had reached its peak.

Kenya Airways and Kengen closed the list of best five day’s performers as they moved 1.4 million and 1.2 million shares respectively at 0.05 dollars and 0.06 dollars respectively.

Turnover dropped significantly Wednesday from a high of 67 million shares worth 17 million dollars.

The All Share Index (NASI) and the NSE 25 Share Index similarly went down, reversing gains made since the start of the week.

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EARLIER REPORTS:

Kenya shilling eases on high dollar demand

NAIROBI (Xinhua) -- The Kenya shilling lost ground against the U.S. dollar on Wednesday to close the day at a low of 102.8, data from Central Bank showed.

The local unit had started Monday on strong footing at 102.5 against the dollar but eased, with analysts attributing the fall to a surge in dollar demand from oil and general goods importers.

On Tuesday, the currency fell 0.05 percent to close at 102.67, according to the apex bank. The decline was a continuation from Monday where the shilling had slide by the same margin.

It is not only against the dollar that the shilling is losing ground. The Kenyan currency has declined against the British Pound, going down 0.07 percent on Monday to stand at 124.97 and on Tuesday by 0.49 percent to close the day at 125.56.

Wednesday, the shilling stood at an average of 125 after levelling against the British Pound, with analysts expecting further decline of the currency albeit slowly.

Last week, the Kenya shilling had been on a rally following increased inflows from foreign investors seeking to trade in government securities.

According to analysts at Stratlink Africa, Kenya’s Central Bank may tighten monetary policy a little when it meets end of this month to prevent further volatility on the shilling and counter the looming rise in the U.S. Federal Reserve rate.

 

SEE ALSO:

Nairobi bourse turnover hits new high of 17 mln USD

Nairobi bourse turnover hits new high since January
 

             

 

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