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Nairobi bourse key index, top stocks plunge as foreign investors retreat

Xinhua, June 28, 2016 Adjust font size:

The top stocks at Nairobi Securities Exchange (NSE) continued to fall Tuesday, pushing the 20 Share Index 25.51 points down to a new low of 3,636.64.

The index dropped to a 49-month low Monday making foreign investors to retreat from the market, with majority of the few trading selling their stocks.

On Tuesday, the index was mainly pulled down by Kenya's leading telecom Safaricom, which for the second consecutive trading session went down 2 percent.

Safaricom was the top mover, trading 9.1 million shares mainly foreign sales at 0.17 U.S. dollars, up from 5 million shares on Monday.

National carrier Kenya Airways, which is facing turbulence following massive losses, came second with 1.1 million shares at 0.04 dollars, a drop of 3.5 percent.

Overall, some 15 million shares valued at 3 million dollars were traded, down from 23 million shares valued at 6.6 million U.S. dollars Monday.

Market capitalisation, which measures shareholders wealth too has taken a beating, with analysts warning that it may be hard to make any money from the bourse this year. Endit