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Nairobi bourse trading rises 102 pct on improved foreign trading

Xinhua, July 15, 2016 Adjust font size:

Equity turnover at the Nairobi Securities Exchange (NSE) rose 102 percent Thursday to stand at 11.4 million U.S. dollars on a volume of 36 million shares.

The bourse had posted 5.6 million dollars from 25 million shares Wednesday as trading remained subdued because of falling prices.

Thursday, however, the securities' market rebounded as foreign investors increased trading, buying as much as they sold, even as prices of some key stocks went down.

Equity Bank's shares topped the list of the most traded stock as it moved 16.4 million shares at between 0.37 dollars and 0.39 dollars but closed the day at a low of 0.38 dollars.

In total, the banking sector had 20.6 million shares traded and represented 56 percent of the day's traded volume.

Of the volume, Kenya Commercial Bank Group actively moved 3.3 million shares at 0.32 dollars while Cooperative Bank moved 311,000 shares and closed at a new low of 0.15 dollars.

Kenya's leading telecom Safaricom moved 14 million shares changing hands at 0.17 dollars.

The energy and petroleum sector moved 933,000 shares, with KenolKobil trading 565,000 shares at 0.10 dollars and Kenya Power 193,000 at 0.09 dollars.

The manufacturing and allied sector moved 670,000 shares, insurance 216,000 and commercial and allied 356,000.

Despite the surge in trading, a drop in prices, particularly of banks' stocks, pushed down the NSE 20 Share Index 6.30 points to stand at 3,609.81.

The All Share Index, similarly, shed 0.41 points to stand at 138.76 and the NSE 25 Share Index was down 24.94 points to settle at 3,901.32.

At the bonds market, trading fell 55 percent with securities worth 5.3 million dollars transacted down from 11 million dollars. Endit