Kenya's stocks tumble as foreigners' intensify sales

Source: Xinhua| 2017-09-05 00:08:17|Editor: huaxia
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by Bedah Mengo

NAIROBI, Sept. 4 (Xinhua) -- The Nairobi Securities Exchange (NSE) key indices slid further on Monday as the turmoil occasioned by the nullification of Aug. 8 presidential results last Friday continued.

The NSE 20 Share Index on Monday went down 80.48 points or 2.1 percent to settle at 3,806.80 as prices of various large stocks declined. The index last Friday declined 139.84 points to close at 3,887.28 points.

Save for four stocks, most of the shares that make the 20 Share Index led by Safaricom tumbled on Monday.

Safaricom, Kenya's leading telecom and the biggest company by market capitalization at the bourse, declined 1 percent to close at 0.24 U.S. dollars. Last Friday, the stock fell 5 percent.

Other large stocks declined by between 0.5 percent and 10 percent. Among the top decliners were Scangroup (10 percent), East African Breweries Ltd (7 percent) and KenolKobil (5 percent).

Some 64 million shares worth 16.3 million dollars were traded at the bourse on Monday, up from 60 million worth 16 million dollars in the Friday session.

Most of the trading at the securities market on Monday involved sales, with investors mainly foreigners whose participation stood at 74 percent offloading their stocks.

The NSE All Share Index declined to 160.33 from 162.91 in the previous session as bond turnover similarly dropped to 8 million dollars from 20 million dollars. Enditem