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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling stable on high dollar inflows

NAIROBI (Xinhua) -- The Kenya shilling was largely stable against the U.S. dollar on Friday as inflows from the agriculture sector rose to offset surging dollar demand.

The shilling closed the week at an average of 102.35, a slight decline from a strong position of 102.33 where it stood on Thursday.

The Central Bank of Kenya put the local currency at 102.36 on Friday, a decline from 102.34 in the previous session.

Commercial banks, on the other hand, placed the shilling at between 102.35 and 102.45, the same margins the currency had ended on Thursday.

Forex traders noted that surging demand for dollars was exerting pressure on the shilling, but there was high inflows from the agriculture sector, in particular, horticulture helping to balance off.

Against the sterling pound, the shilling weakened to trade at a low of 146.54 from 145.24 in the Thursday trading.

Analysts observed that the shilling would face pressure in the short-term as retail importers raise end-month dollar demand.

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EARLIER REPORT:

NAIROBI (Xinhua) -- Kenya’s Nairobi Securities Exchange (NSE) recorded mixed performance on Thursday as both turnover and All Share Index rose but the large stocks indicator declined.

Turnover increased 31 percent to stand at 8.6 million U.S. dollars on a volume of 27 million shares from 19 million worth 6.7 million dollars on Wednesday.

The NSE 20 Share Index, on the other hand, fell 3.04 points to close at 3,710.16 as the NSE All Share Index (NASI) gained 1.11 points to close at 180.55 points.

Safaricom, Equity Bank, Diamond Trust Bank, Kenya Commercial Bank (KCB) and Cooperative Bank accounted for 68 percent of the total turnover.

The most traded counters, however, were Safaricom, Cooperative Bank, KenolKobil, Equity Bank and KCB moving 6.6 million, 3.9 million, 3.7 million, 3.3 million and 2.2 million shares respectively.

Foreign investors were net sellers, accounting for 54 percent of the total market sales and 49 percent of purchases.

At the bond section, turnover went down to stand at 13 million dollars from 45 million dollars in the previous session.

             

 

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