NAIROBI (Xinhua) --
Nairobi Securities Exchange (NSE) benchmark index
sustained an upward trajectory Monday, gaining 11.70 points to
stand at 3,712.13.
The NSE 20 Share
Index crossed the 3,700.00 mark last Friday pushed up by rise in
prices of various large stocks, a trend that continued in Monday
Standard Chartered Bank and Athi River Mining were among the top
gainers that helped lift the bourse.
declined with the market opening the week with a total of 14
million shares valued at 4 million dollars, against 29.8 million
shares valued at 7 million dollars posted last Friday.
Equity Bank was the
top traded stock after moving 3 million shares at 0.39 dollars,
an increase of 1.3 percent.
leading telecom, moved 2.9 million shares at unchanged price of
0.23 dollars to close the day at the second spot.
followed after moving 2.1 million shares traded at unchanged
price of 0.14 dollars while Kenya Commercial Bank followed the
same number of shares to end at position four.
Insurance firm CFC
moved 507,100 shares at 0.11 dollars to close the list of the
most traded stocks during the session.
At the bond market,
turnover remained flat at 13 million dollars, with foreign
investors’ participation at the bourse standing at 70 percent.
Kenya shilling falls on surge
in dollar outflows
NAIROBI (Xinhua) --
The Kenya shilling started the week lower on
Monday, weakening against the U.S. dollar as outflows outweighed
exchanged against the dollar at an average of 103.86, a decline
from 103.84 at the end of last week.
The Central Bank on
Monday quoted the shilling at 103.87, down from 103.84 on
Friday, with the currency sliding despite the regulator selling
dollars to buttress it.
On the other hand,
commercial banks put the value of the shilling against the
dollar at between 103.85 and 104.05, with traders noting there
was high dollar demand from various sectors, including
manufacturing and oil.
Last week, latest
data showed that the Central Bank used 88 million dollars to
support the shilling as forex reserves fell from 5.23 months of
import cover to 5.17 months of import cover.
The Kenya shilling
last week remained stable mainly driven by Central Bank support,
inflows from horticulture exporters, which offset the dollar
demand by oil importers.
Analysts noted that
shilling would remain relatively stable in the short term,
boosted by CBK’s support as can be seen by the decline in the
forex reserve levels. On a year to date basis, the shilling has
depreciated against the dollar by 1.4 percent.