January 22, 2015 / 2:16 PM / 3 years ago

UPDATE 1-Kenya shilling weakens, shares edge higher

* Shilling could rebound on dollar inflows -trader
    * Stocks a fraction higher

 (Updates with closing levels)
    NAIROBI, Jan 22 (Reuters) - The Kenyan shilling edged
down against the dollar on Thursday, though traders said they
saw signs of the currency strengthening in the coming days with
more dollars coming into the market. Stocks were up. 
    At the 1300 GMT close, banks quoted the shilling at 91.70/80
to the dollar, weaker than Wednesday's close of 91.60/70.
    "It's staying with the trend of weakening," said Duncan
Kinuthia, head of trading at the Commercial Bank of Africa.
"However, we've started seeing improved dollar inflows, and some
customers looking like they would like to sell forward. With all
this, we may see the shilling gain."
    Export businesses have already begun to sell dollars,
perhaps to hedge against a correction in the shilling, he said.
    The shilling has for weeks been hovering around levels not
seen since November 2011.
    "The pressure is coming from a build-up of (dollar) demand
and right now the supply side is quite wanting... tourism is
muted and that is quite a challenge," said Chris Muiga, trader
at National Bank.
    Hard currency inflows from tourism - a leading foreign
exchange earner for East Africa's biggest economy - fell last
year after a series of gun and grenade attacks, blamed on
Islamists from neighbouring Somalia, scared off tourists.
    On the equity market, the benchmark NSE 20 index 
inched 0.25 points higher at 5,172.88 points.
    In the debt market, bonds worth 207 million shillings 
($2.26 million) were traded, down from 1.79 billion shillings on
Wednesday. 
    
               ...........................Shilling spot rates 
                  .....................Shilling forward rates 
                           .......................Cross rates 
         ..................................Local contributors 
           .......................Central Bank of Kenya Index 
          .....................Kenyan Bonds contributor pages 
                          ...............Treasury bill yields 
        ..................Central bank open market operations 
        .........................Horizontal repo transactions 
         ,       ................Daily interbank lending rate 
              .............................Kenya Bond pricing 
             ..................Real time Africa economic data 
 <ECI & AFR> ...........................African economic news
          .................................NSE-20 Share Index
         .................................NSE All Share Index
             ...........................FT NSE Kenya 15 Index
             .......................... FT NSE Kenya 25 Index
  SPEED GUIDES:
                                    
            
  ($1 = 91.7000 Kenyan shillings)

 (Reporting by Edith Honan and Duncan Miriri; Editing by James
Macharia)

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