By Bedah Mengo
NAIROBI, (Xinhua) --
Equity turnover at the Nairobi Securities Exchange (NSE) on
Wednesday rose 30 percent to 5.6 million U.S. dollars on a
volume of 18 million shares from 17.5 million worth 4.3
million dollars boosted by increased foreign sales.
leading telecom, was the top traded stock, moving 9 million
shares at 0.22 U.S. dollars, a slight decline.
Bank was the second best traded stock after transacting 1.2
million dollars at unchanged price of 0.38 dollars.
was the third best mover, transacting 1 million shares at 0.13
dollars, a 2-percent decline.
was HomeAfrika which traded 832,300 while investment firm ICDC
transacted 823,600 shares to close the list of the top traded
The indicative NSE
20 share index reversed a negative trend to gain 8 points to
close at 3,568.80 from 3,560.51 points. On the other hand, the
Nairobi All Share Index went down marginally to 151.35 from
session, the top gainers included Umeme (9.7 percent),
HomeAfrika (4.5 percent) and TPSE (4.4 percent).
participation stood at 69 percent and local at 31 percent
while bond turnover stood at 25 million dollars from 18
Kenya’s bourse key index in
free fall as large stocks decline
Bedah Mengo NAIROBI (Xinhua) --
Nairobi Securities Exchange (NSE) 20 share index sustained a
negative trend Tuesday, falling for the second session in a
row as it went down 24 points to hit a new low of 3,560.51
The index fell by
a similar margin on Monday following decline in several large
stocks. During the session, equity trading was dominated by
energy and bank stocks as turnover rose slightly to 4.3
million U.S. dollars from 3.9 million dollars on a volume of
17 million shares.
leading telecom, was the day’s top mover after trading 6.7
million shares at unchanged price of 0.23 dollars.
On Monday the
telecom moved 8.4 million shares. At the second spot was
Equity Bank with 2 million shares moved at 0.37 dollars, a
marketer Kenolkobil followed in the third position with 1.53
million shares traded at 0.13 dollars, a drop of 1.4 percent.
Bank went up slightly trading at 0.38 dollars and moving 1.46
million shares to clock the fourth position.
electricity distributor Umeme moved 1.1 million shares at 0.13
dollars to close the list of top five movers.
At the bond
segment, turnover declined 33 percent to end the day at 18
Kenya shilling depreciated
1.1 percent against the U.S. dollar
NAIROBI (Xinhua) --
The Kenya shilling depreciated 1.1 percent
against the U.S. dollar in the first half of 2017 to close at
103.7 at the end of June.
The drop was
mainly due to heightened dollar demand from importers as the
shilling had ended 2016 at 102.5.
remains under pressure currently, dropping against the dollar
and world major currencies like the British Pound.
On Wednesday, the
apex bank quoted the currency at 103.81 to the dollar in early
morning trading, which was a slight drop from Tuesday’s level.
The shilling had
on Tuesday dropped 0.09 percent to stand 103.80 against the
dollar and having fallen to 103.78 on Monday.
The Central Bank
of Kenya has responded by selling large volumes of dollars in
its foreign exchange reserves in bid to stem the fall.
Last week, the
bank sold dollars worth 141 million to buttress the shilling,
with the forex reserves falling from 8.11 billion dollars or
5.36 months of import cover or 7.96 billion dollars or 5.26
months of import cover.
noted that the shilling would remain relatively stable in the
short term despite the turbulence, supported by high forex
reserve level and declining global oil prices given that Kenya
is net oil importer.
Besides, Kenya has
a precautionary credit facility of 1.5 billion dollars from
the IMF which it can utilize to stabilize the shilling and
there is increased diaspora remittances that grew by 6.2
percent to 433 million dollar in quarter one.