Kenya's stocks halt fall as foreigners cut sales

Source: Xinhua| 2017-09-06 01:58:27|Editor: huaxia
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by Bedah Mengo

NAIROBI, Sept. 5 (Xinhua) -- At least nine large stocks at the Nairobi Securities Exchange (NSE) went up on Tuesday with the shares showing signs of recovery as foreign investors cut sales.

The stock market has recorded major decline of its key indices since last Friday when the Supreme Court cancelled the re-election of President Uhuru Kenyatta.

The NSE 20 Share Index lost some 200 points in two trading days while the shares' values, which show investors' wealth, declined by 1.3 billion dollars as foreign investors sustained sales.

On Tuesday, however, the bloodbath seemed to be fizzling out as key stocks including Kenya Commercial Bank (KCB), Safaricom, Centum, Kenya Power, and Cooperative Bank increased.

The stocks increased by between 1 percent and 5 percent, reducing the faster deceleration of NSE 20 Share Index, which ended at 3,770.03 from the 3,806.80 position it closed Monday.

The top traded stock at the bourse was Equity Bank, which moved 4.7 million shares, followed by Kenya's leading telecom Safaricom at 1.9 million, CFC insurance at 1.8 million, KCB at 1.5 million, and Cooperative Bank at 1.3 million.

Turnover on Tuesday stood at about 7 million dollars on a volume of 17 million shares, down from Monday's reading where 64 million shares were traded, worth about 16.3 million dollars. Enditem