Nairobi bourse records slow day as turnover falls

Some 5 million shares valued at 1.4 million U.S. dollars were traded Wednesday at the Nairobi Securities Exchange, down from 34 million shares the previous trading day.

Despite the decline in equity turnover, the NSE 20 Share Index sustained its upward trend, going up 13.37 points to stand at 4,030.00.

The All Share Index reversed a losing streak, ending 0.15 points higher to stand at 146.88 while the NSE 25 Share Index gained 5.85 points to settle at 4,238.45.

Foreign participation stood at 35 percent, with most of them selling more than buying, while local participation stood at 65 percent.

Equally, Equity Group Holdings, which had 6.9 million shares changing hands at 0.40 dollars the previous day, only recorded a paltry 210,000 shares despite a marginal rise in price.

KCB Group, another investors' favourite, was up 1.2 percent to trade at 0.42 dollars.

Key stocks that had lifted the bourse the previous day recorded major decline in demand, with Safaricom moving 2.6 million shares, down from 18 million shares at between 0.16 and 0.17.

In total, the banking sector had 1 million shares traded and represented 17 percent of the day's traded volume, down from 11.7 million shares or 34 percent of trading the previous day.

The insurance sector recorded a decline in trading, moving 319,000 shares, down from 1.3 million shares the previous trading session.

Bond turnover went up 10.6 percent to close at 22 million dollars, up from 2 billion dollars the previous day. Endit