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Kenya's bourse key indices dip as foreign investors cede to locals

Xinhua, January 27, 2017 Adjust font size:

All the key indices of the Nairobi Securities Exchange (NSE) fell with considerable margins Thursday as foreign investors' participation remained low, averaging 50 percent for the second trading session.

The investors, who on Monday and Tuesday contributed 85 percent of trading, have ceded to local investors in the last two session as stocks tumbled, pushing down key indices.

The 20 Share Index, market capitalization, the All Share Index and the 25 Share Index all dropped Thursday, highlighting the bear-run that continues to erode the value of dozens of stocks at the market.

The NSE 20 Share Index, which has hit an eight-year low, on Thursday declined 31.49 points to close the day at 2,824.32, bringing to the total number of points it had shed since Monday to 88 points.

Similarly, the All Share Index (NASI) dropped to 122.42 from 122.77 in previous session while the NSE 25 Share Index was down 21 points to stand at 3,160.28.

Market capitalization, which measures shareholders wealth, was among the worst hit, declining to 17.2 billion dollars from 17.4 billion dollars the previous day.

Electricity generator KenGen was the day's top trader, dislodging Safaricom from the helm, after moving 13 million shares at 0.04 U.S. dollars.

Barclays Bank followed second with 9 million shares at 0.07 dollars, a decline of 1.4 percent while Safaricom came in third with 6.2 million shares at 0.18 dollars, a rise of 3 percent.

Some 34 million shares worth 3.1 million dollars were traded Thursday, up from 15 million shares worth 2.5 million dollars.

The bond market had securities worth 19 million dollars transacted, compared to 10 million dollars posted the previous session. Endit