Kenya’s bourse trading declines as local investors dominate

stock market
stock market

Some 27 million shares worth 5.1 million U.S. dollars were traded at the Nairobi Securities Exchange (NSE) Wednesday, a drop of 44 percent from the previous session as local investors dominated trading.

Local investors accounted for 60 percent of the turnover up from 54 percent in the previous session as foreigner investors cut trading.

Safaricom, Athi River Mining (ARM), Kenya Commercial Bank (KCB), Kenya Rein¬surance and Kenol accounted for 83 percent of the total turnover.

However, the most traded counters were ARM, Safaricom, Kenya Reinsurance, Kenol and KCB moving 12.4 million, 6.9 million, 1.6 million, 1.4 million and 1million shares respectively.

Safaricom, Kenya’s leading telecom and usually a foreign investors’ favourite, dropped from its top traded stock position as it faced attacks from Opposition leader Raila Odinga allegedly over its conduct in Aug. 8 polls.

Odinga on Tuesday and Wednesday accused the telecom of aiding in transmitting fraudulent results from fake polling stations to the national tallying center.

The presidential poll was annulled by the Supreme Court and a repeat is scheduled Oct. 26. Odinga wants the telecom investigated.

The NSE 20 Share Index was down 3.2 points to close at 3,729.84 points while the NSE All share Index (NASI) was down by 1.01 points to close at 165.01 points. Bond turnover went down by 26 percent to stand at 9 million dollars. Enditem

Source: Xinhua/

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