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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Foreign sales triple Kenya’s bourse turnover amid political tension   

NAIROBI (Xinhua) -- Kenya’s stock market defied political tension in the East African nation on Tuesday to record a 318 percent rise in turnover, but most of it involved foreigners selling to exit the bourse.

The tension arose from the swearing-in of opposition leader Raila Odinga as the “People’s President” in the capital Nairobi, a ceremony the government outlawed.

Equity turnover stood at 12 million U.S. dollars on a volume of over 40 million shares from 9.6 million shares worth 2.8 million dollars on Monday.

The most traded counters were Safaricom, Barclays Bank, Kenya Commercial Bank, Equity Bank and KenolKobil after moving 18 million, 15 million, 3 million, 3.7 million and 1.2 million shares respectively.

Foreigners dominated trading at the market with 63 percent participation, but they traded mostly in sales (75 percent) exiting market.

The NSE 20 Share Index declined to stand at 3,727 points down from 3,739.69 in the previous session while the NSE All Share Index (NASI) similarly declined marginally to close at 181.04 points.

At the bond market, turnover continued with an upward trend as it surged to a new high of 39 million dollars, a jump from 26 million dollars in the previous session.

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EARLIER REPORT:

Kenya’s bourse turnover dips on low Safaricom trading

NAIROBI (Xinhua) -- Turnover at the Nairobi Securities Exchange (NSE) declined 72 percent on Monday, pushed down by low trading of Safaricom by foreign investors.

Equity turnover stood at 2.8 million U.S. dollars on a volume of 9.6 million shares from 27 million worth 10 million dollars in the previous session last Friday.

Safaricom, Kenya’s leading telecom, during the Monday session, traded a paltry 4 million shares after going down 0.8 percent to 0.29 dollars. Last Friday, Safaricom traded 26 million shares.

Other most traded counters were Mumias Sugar Company, Stanbic, NIC Bank and CIC Insurance after moving 1.2 million, 900,000, 700,000 and 400,000 shares respectively.

The NSE 20 Share Index was up 11.54 points to close at 3,739.69 points while the NSE All Share Index (NASI) was down 0.53 points to close at 181.16 points.

Foreign investors dominated the trading at 52 percent participation, with most of it being on the buy side. Safaricom is the favorite foreign investors’ stock.

At the bond market, turnover surged to stand at a record 26 billion dollars from 5 million dollars in the previous session.

             

 

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