February 12, 2016 / 2:04 PM / 2 years ago

Kenyan shilling stable, stocks fall

NAIROBI (Reuters) - Kenya’s shilling held steady on Friday and traders said they expected it to firm due to foreign currency inflows from sectors like agriculture and non governmental organisations. Stocks closed lower.

At official close of trade at 1330 GMT, commercial banks quoted the shilling at 101.80/90 compared with 101.75/85 at Thursday’s close.

“The market is very quiet. Both counters are well-matched,” said a senior trader at one commercial bank.

A second trader at another bank said the shilling was seen gaining in coming days, helped by dollar inflows from tea exporters and non governmental organisations.

On the Nairobi Securities Exchange, the main NSE-20 Share Index was down 34.64 points, or 0.91 percent, to close at 3,790.54 points, hit by bargain hunting.

Reporting by George Obulutsa; Editing by Drazen Jorgic

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