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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan bourse bear-run wipes out five
percent investors’ wealth in a week   

NAIROBI (Xinhua) -- Investors’ wealth at the Nairobi Securities Exchange (NSE) declined 5 percent in one week following drop in prices of various stocks.

Market capitalization, which measures shareholders’ wealth, went down by nearly 100 million dollars to 26.95 billion dollars on Friday last week from 27.94 billion dollars at start of the week pulled down by a bear-run, data from the market showed on Monday.

The biggest decline of the index was recorded on Thursday when the bourse forfeited 17.9 million dollars to end at 27.05 billion dollars.

Decline in stock prices have been recorded across the board but mainly on counters in the energy and petroleum, telecommunications and technology and construction and allied sectors.

Some of the stocks whose prices have gone down include Safaricom, Nation Media Group, Kengen, Athi River Mining and Kenya Airways.

Market capitalization hit a peak of 28.89 billion dollars early April but has been on a downward trend since, with stock brokers attributing the current decline to correction of share prices.

Foreign investors, who account for the bulk of the trading at the market, have mainly been sellers during the period, disposing Safaricom and bank stocks, mainly Kenya Commercial Bank and Equity Bank.

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EARLIER REPORT:

Kenyan bourse benchmark index halts decline as stocks recover

NAIROBI, (Xinhua) -- The Nairobi Securities Exchange (NSE) benchmark index gained marginally on Monday reversing a negative trend recorded in the last six sessions.

The NSE 20 Share Index rose 6.04 points on Monday to 3,716.36 points, up from 3,710.32 at the end of last week. Market capitalization similarly will take an upward turn.

Some of the stocks whose prices rose to lift the index on Monday were Athi River Cement (8.9 percent), Kenya Commercial Bank (KCB) (1.9 percent), Sasini (2 percent), and Scangroup (1.8 percent).

However, the All Share Index (NASI) closed Monday at 180.67 points, down from 182.75, as it continued with a downward trend. Similarly, the NSE 25 Share Index fell to 4,709.90, down from 4,771.82.

Equity turnover declined to close Monday at 20 million shares worth 6 million U.S. dollars, down from 22 million shares from 7.5 million dollars on Friday last week.

The most-traded stocks during the session were Safaricom, moving 13 million shares; KCB, 2.12 million; Equity Bank, 1 million; Mumias Sugar, 788,400; and NSE, 513,400. 

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