Nairobi, Kenya - Kenyan stocks fell on Wednesday on news of weak economic growth in 2011, with the Nairobi Stock Exchange (NSE) All-Share Index declining to 93.46 points after shedding off 0.18 points. The stocks fell after Tuesday’s impressive gains. The turnover declined to Ksh.251 million from Tuesday’s Ksh.446 million while the number of shares traded stood at 11 million against 18 million on Tuesday. The NSE 20-share Index dropped 5.08 points to stand at 3,988.01, which is well below the market’s psychological comfort zone of 4,500 points. Kenya’s planning minister, Wycliffe Oparanya, said economic expansion would slow down to 3.5% and 4.5% in the 2011/2012 fiscal year. Kenya posted 5.6% growth in 2010, but the growth is expected to slow due to inflation and high food prices.

At the bourse, tea exporting firm, Sasini Limited, moved 6,000 shares at between Kshs.9.90 and Kshs.10.15. Plantation firm, Rea-Vipingo moved up five
cents to Kshs.14.50 after moving 1,000 shares.

The financial segment of the market had 6.3 million shares traded, representing 57.68% of the day’s traded volume.

Equity Bank moved 4.7 million shares at between Kshs.25.00 and Kshs.26.00 while the Kenya Commercial Bank (KCB) gained 25 cents to trade at Ksh25, after unveiling plans to trim top managers to 7 from 22.

Equity firm, Centum Investment slid one shilling to trade at Kshs.22.50. It moved 172,000 shares. Barclays Bank moved 150,000 shares at a fairly stable price of Kshs.66.00, the NSE said.

In the commercial services segment, 2.5 million shares, equivalent to 23.47% of the day’s activity, were traded.

Internet firm AccessKenya actively moved 1.8 million shares at between Kshs.8.45 and Kshs.9.00.

Mobile phone firm, Safaricom moved 502,000 shares and closed at Kshs.3.90, on the day it announced a slight drop in profits.

The IndUnited Statestrial and Allied Sector moved 2 million shares, which accounted for 18.66% of the days traded volume.

Sugar millers, Mumias Sugar, moved one million shares at between  Kshs.7.75 and Kshs.7.95. Kenya Power and Lighting (KPLC) was down 50 cents to Kshs.21.00 and moved 508,000 shares.

Pana 19/05/2011