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Nairobi bourse turnover slides as foreign investors stay away

Xinhua, November 16, 2016 Adjust font size:

Some 11 million shares valued at 2.5 million U.S. dollars were traded at the Nairobi Securities Exchange (NSE) Tuesday, down from 16 million valued at 5.1 million dollars in the previous session.

The over 50 percent decline in trade volume was attributed to foreign investors reducing participation at the bourse for the second day running despite a number of stocks gaining.

Kenya's leading telecom Safaricom was the biggest mover after touching a high of 0.21 dollars to move 3.4 million shares, which accounted for 29 percent of the day's traded volume.

Electricity producer KenGen went up to 0.06 dollars and moved 3.2 million shares.

In the banking sector, some 2 million shares were transacted in total, with Kenya Commercial Bank being the most heavily traded counter in the sector, moving 1 million shares.

The NSE 20 Share Index closed 6.69 points lower to stand at 3,261.71, while the All Share Index (NASI) was down 0.29 points to stand at 139.09. On the other hand, the NSE 25 Share Index ended 13.10 points lower to stand at 3,695.55.

The bond market registered improved trading with bonds worth 17 million U.S. dollars being transacted, up from 15 million dollars Monday. Endit