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Investors offload banks, telecom shares in stifled Nairobi bourse trading

Xinhua, August 11, 2016 Adjust font size:

The Nairobi Securities Exchange (NSE) for the third straight day recorded stifled trading Wednesday as cautious foreign investors sold mainly banking, energy and telecommunication sector shares.

Some 11 million shares valued at 2.3 million U.S. dollars were traded, down from 16 million shares valued at 3.3 million dollars Tuesday.

Kenya's leading telecom Safaricom was the top mover, trading 4 million shares that were largely foreign sales at an unchanged price of 0.2 dollars.

The banking sector cumulatively moved 2.8 million to represent 25 percent of the day's traded volume.

Under the category, Kenya Commercial Bank Group had 1.5 million shares changing hands at 0.32 dollars while Cooperative Bank was unchanged at 0.14 dollars to move 680,000 shares.

In the energy and petroleum sector, some 2.5 million shares were traded, with KenolKobil actively moving all the shares that were mainly foreign sales at a high of 0.11 dollars.

The indicative NSE 20 Share Index Wednesday went up 4.12 points to stand at 3,463.22, while the All Share Index was up 0.30 points to stand at 143.93 and the NSE 25 Share Index shed 1.18 points to settle at 3,929.57.

The bond market recorded a drop of 24 percent as securities worth 5.9 million dollars were transacted, compared to 7.6 million Tuesday. Endit