Kenyan bourse rebound pushes up key indices

Source: Xinhua| 2017-08-22 00:25:51|Editor: huaxia
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by Bedah Mengo

NAIROBI, Aug. 21 (Xinhua) -- Kenya's stocks recovered on Monday to lift the Nairobi Securities Exchange (NSE) 15 points up as they reversed a negative trend recorded in the last three sessions.

The benchmark index went up 14.79 points to close the day at 4,007.55 from 3,992.76 at the end of last week.

Similarly, the All Share Index (NASI) picked up 1.41 points to stand at 166.61 while the NSE 25 Share Index inched up 22.44 points to stand at 4,436.38.

Among the large stocks that went up and helped push up the key indices were largely Safaricom (2.1 percent), CIC insurance (0.5 percent) and CFC Stanbic (1 percent).

Safaricom, Kenya's leading telecom, was the top traded stock after moving 1.4 million shares at 0.24 dollars.

The telecom was followed by CIC which moved 1.3 million shares at 0.05 dollars and Equity Bank with 812,200 at unchanged price of 0.40 dollars.

The banking sector had the most traded shares as a category, with transactions accounting for 31 percent of the day's traded value.

A total of 8.7 million shares valued at 2.1 million dollars were traded in the Monday session against 30 million shares worth 6.7 million shares posted on Friday.

Analysts at Cytonn, a Nairobi-based investment firm, expect the market to remain vibrant supported by improving investor sentiment following the conclusion of Kenya's general election, and as investors take advantage of the attractive stock valuations. Enditem

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