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Safaricom keeps Nairobi bourse trading afloat amid low turnover

Xinhua, December 8, 2016 Adjust font size:

Kenya's Nairobi Securities Exchange (NSE) turnover declined considerably Wednesday as Safaricom closed the day as the only stock that traded more than a million shares.

Turnover declined to 2.7 million U.S. dollars on a volume of 7.3 million shares, down from 21 million shares valued at 5.1 million dollars in previous session.

Safaricom, a leading telecom service provider moved 3.5 million shares at unchanged price of 0.19 U.S. dollars, a decline from 5.7 million shares in the previous session.

Foreign investors during the session were net sellers, disposing off several top stocks that included Sangroup, Kenya Commercial Bank and EABL.

The Nairobi Securities Exchange (NSE) 20 Share Index dropped 14 points during the session, adding to the 35 points it lost Tuesday to close the trading session at 3,181.48 points.

The All Share Index (NASI), on the other hand, edged 0.50 points lower to stand at 134.67 and the NSE 25 Share Index was down 15.52 points to stand at 3,537.89.

The bond market witnessed improved activity with securities worth 11 million dollars transacted, up from 4.6 million dollars registered the previous session. Endit