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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Low foreign trading pushes down Nairobi Securities Exchange

 NAIROBI (Xinhua) -- Some 15 million shares worth 2.9 million dollars were traded at the Nairobi Securities Exchange (NSE) Monday, down from 19 million valued at 4.7 million dollars the previous trading day as foreign investors slowed down trading.

Safaricom was the most traded stock moving 11.3 million shares at unchanged price of 0.18 U.S. dollars. The stock attracted the most foreign purchases and sales, but other top buys were Equity Bank, East African Breweries Ltd and the Cooperative Bank.

Oil marketer KenolKobil was the second most active stock as it exchanged 1.3 million shares at 0.12 dollars, a decline of 0.3 percent. The stock, however, was mainly traded by local investors.

Equity Bank, Uchumi Supermarket and Barclays Bank were the other top five traded stocks but they did not trade more than a million shares.

The NSE 20 Share Index went down for the third consecutive trading session to 3,106.21 Monday after peaking at 3,128.44 on March 29 while the All Share Index closed higher at 131.50 from 130.61.

The bond market witnessed a rise in activity with bonds worth 12 million dollars transacted compared to 8 million registered the previous session.

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Kenya’s bourse to woo Chinese investors

NAIROBI (Xinhua) -- Kenya’s Nairobi Securities Exchange (NSE) plans to woo Chinese investors in order to deepen the capital market, the bourse’s top official said.

NSE CEO Geoffrey Odundo told Xinhua in a recent interview in Nairobi that currently there is very minimal Chinese capital at the NSE.

“We are therefore planning to conduct road shows in China in the coming months so that we create awareness of the NSE in China,” Odundo said.

Over the past decade, Chinese firms have begun to play a prominent role in Kenya’s economy. Odundo said that most Chinese firms operating in Kenya are either state-owned or privately held firms.

“By listing in the NSE, the Chinese can access long-term capital at cheaper rates,” he added. The CEO noted that China has a high savings ratio as compared to Kenya.

“There is therefore a huge pool of Chinese funds that is looking for high returns that the NSE currently offers,” he added.

The NSE is currently having discussions with Chinese investors who want to list their companies in African stock exchanges.

Odundo said that the Chinese have adopted a long-term view of Africa and therefore are seeking to grow their firms as the continent also grows.

Some of the advantages that Chinese firms will get by listing in Kenya are that they will gain more acceptance by local consumers.

The NSE has already signed a Memorandum of Understanding with the Shanghai Securities Exchange in order to enhance knowledge sharing among the two exchanges.

Under the agreement, Kenya will be assisted to develop products that appeal to Chinese capital markets investors.

Odundo noted that some NSE personnel will also visit the Shanghai bourse in order to understand how the Chinese exchange has expanded rapidly in the past decade.

             

 

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