NAIROBI (Xinhua) -- The Kenya
shilling on Tuesday remained largely unchanged against the U.S. dollar despite
rising political tension gripping the East African nation.
traded at an average of 103.2 against the greenback, a position it stood on
Monday after strengthening slightly, even as protests for and against electoral
reforms ahead of the Oct. 26 repeat elections rocked the capital Nairobi.
Bank on Tuesday quoted the local currency to the dollar at 103.27, from the
previous day’s 103.26.
On the other
hand, commercial banks placed the value of the shilling against the dollar at
between 103.25 and 103.45 as traders in the institutions noted increased dollar
demand from importers as the month nears the end.
also strengthened against the British Pound, albeit marginally, closing Tuesday
at 139.18, from 139.47 in the previous session.
shilling depreciated against the dollar by 0.4 percent last week to close at
103.3, from 102.9 of the previous week, due to high dollar demand from oil
importers and manufacturers amidst heightened political activity.
negative political environment, analysts noted that the shilling would remain
relatively stable to the dollar in the short-term, supported by both the
weakening of the dollar on the global markets and the central bank’s activity on
the money market amid sufficient forex reserves, currently at 7.5 billion
Turnover surges on Kenya’s bourse
despite rising political temperature
NAIROBI (Xinhua) -- Equity
turnover at the Nairobi Securities Exchange (NSE) rose considerably on Tuesday,
lifted by vibrant trading of Kenya’s leading telecom operator Safaricom.
million shares worth 9 million U.S. dollars were traded at the securities
market, up from 11 million shares worth 2.5 million in Monday’s session, as the
market braved rising political temperatures in the country.
National Super Alliance and ruling Jubilee Party supporters on Tuesday protested
in the capital Nairobi against and for electoral reforms respectively ahead of
the Oct. 26 repeat polls, leading to disruption of business.
traded 16 million shares at a new high of 0.26 dollars to top the list of most
traded stocks. On Monday, the telecom firm moved 7 million shares.
the positive direction was Britam, which moved 14 million shares at an unchanged
price of 0.14 dollars.
Commercial Bank and Cooperative Bank came third and fourth respectively after
trading 2 million and 1 million shares but at declined prices. Insurance firm
KNRE closed the list of most traded stocks by moving 565, 800 shares.
The NSE 20
Share Index was down to 3,733.04 points from 3,750.35 in the previous session
while the NSE All Share Index (NASI) close at 166.02 from 165.72 points.
The NSE 25
Share Index, on the other hand, ended on a low of 4,331.65, down from 4,335.54