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NSE key index pulled down by top stocks decline

Safaricom, Equity Bank, Kenya Commercial Bank (KCB) and Barclays Bank were some of the top stocks whose share prices declined.

NAIROBI, Mar 15 – Kenya’s Nairobi Securities Exchange (NSE) benchmark index took a negative turn Wednesday, dropping 3 points to close at 2,970.98 as the market was pulled down by a decline in large stocks. 

Safaricom, Equity Bank, Kenya Commercial Bank (KCB) and Barclays Bank were some of the top stocks whose share prices declined.

Kenya’s leading telecommunication company Safaricom, which traded 38 million shares and surged 5.2 percent Tuesday, went down 2.7 percent as it moved 7 million shares. Mumias Sugar was the day’s second best traded stock after moving 2.1 million shares at unchanged price of 0.01 dollars.

Mumias Sugar was the day’s second best-traded stock after moving 2.1 million shares at unchanged price of 0.01 dollars.

KCB came in third after going down 0.8 percent to trade at 0.29 dollars and move 1.9 million shares. The share has been on a rally following the bank’s declaration of profit last week but the drop signals it had reached its peak.

Kenya Airways and Kengen closed the list of best five day’s performers as they moved 1.4 million and 1.2 million shares respectively at 0.05 dollars and 0.06 dollars respectively.

Turnover dropped significantly Wednesday from a high of 67 million shares worth 17 million dollars.

The All Share Index (NASI) and the NSE 25 Share Index similarly went down, reversing gains made since the start of the week.

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