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UPDATE 2-Kenyan shilling remains in tight range; stocks down
November 3, 2015 / 3:08 PM / 2 years ago

UPDATE 2-Kenyan shilling remains in tight range; stocks down

* Shilling closes at 101.95/102.05
    * Higher volume of debt traded
    * Stocks are down

 (Adds stocks)
    NAIROBI, Nov 3 (Reuters) - Kenya's shilling held
steady on Tuesday, with traders expecting the currency to trade
in a tight range ahead of two regular government debt auctions
to be held later this week. Stocks were down.
    By the 1330 GMT official close, commercial banks quoted the
shilling at 101.95/102.05 to the dollar, the same level as
Monday's close.
    The shilling, down about 13 percent against the dollar this
year, has firmed in recent weeks due to inflows of dollars from
offshore investors chasing high-yielding government debt.
    Traders said the local currency was likely to stay supported
as long as the yields on short-term Treasury bills remained
elevated.     
    Yields on the benchmark 91-day paper slipped at last week's
auction to 19.471 percent but remain far above usual levels.
Yields on the 182 and 364-day Treasury bills were above 21
percent at last week's auction.
    "There is still that element of the interest rates. People
are looking at the yield appeal," said one trader at a
Nairobi-based commercial bank.
    A second trader said: "We are stuck in a range."
    In the debt market, bonds worth 1.2 billion shillings 
($11.78 million) were traded, compared with the previous
session's 377 million shillings.
    In the equity market, the benchmark NSE 20 index 
fell 26.84 points to close at 3829.91, almost reaching its
lowest level since August 2012. Shares for Uchumi supermarket
fell to 8.75 per share from 8.90, while shares for Kenya Power
fell to 13.40 shillings per share, down from 14.00.

               ...........................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 = 101.9000 Kenyan shillings)

 (Reporting by Drazen Jorgic; Editing by Tom Heneghan)

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