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Kenya's bourse records worst day in six months

Xinhua, May 31, 2016 Adjust font size:

The Nairobi Securities Exchange (NSE) recorded its worst trading day Monday since January as turnover dropped to 1.7 million U.S. dollars with a paltry 7 million shares traded.

The lowest level the bourse had hit in the last six months was 1.8 million dollars on May 26 from 8.7 million shares.

As in that trading session, foreign investors who are the main movers, kept off the market on Monday.

Some analysts attributed the low trading day at the Nairobi bourse to closure of the stock markets in the U.S. for the celebration of the Memorial Day, which is a holiday.

Kenya's leading telecom Safaricom was the biggest mover Monday, trading 2.5 million shares at unchanging price of 0.17 dollars from 4 million shares traded in the last trading session at the same price.

Cooperative Bank was second, having moved 1.5 million shares at 0.18 dollars while NIC Bank came third with 685,000 shares at 0.38 dollars.

In total, the banking sector transacted 3 million shares, representing 45 percent of the day's traded volume.

Other categories performed dismally, failing to trade over 500,000 shares. The energy and petroleum sector moved 364,000 shares, which accounted for 5 percent day's traded volume.

The insurance sector had 332,000 shares traded, representing 5 percent of the day's traded volume while the manufacturing and allied sector moved 199,000, which accounted for 3 percent.

The low equity trading saw the NSE 20 Share Index go down 6.56 points to stand at 3,860.94 while the All Share Index (NASI) shed 1.11 points to settle at 144.43.

Similarly, the NSE 25 Share Index shaved off 45.52 points to settle at 4143.29. At the bond market, securities worth 180 million dollars were transacted. Enditem