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UPDATE 1-Kenyan shilling eases slightly, stocks recoup losses
April 1, 2014 / 2:37 PM / 4 years ago

UPDATE 1-Kenyan shilling eases slightly, stocks recoup losses

* Stocks reverse losses; main share index up 0.3 percent
    * Shilling eases, expected to firm on NGO flows

 (Adds stocks, bonds, market close)
    By George Obulutsa
    NAIROBI, April 1 (Reuters) - The Kenyan shilling 
weakened on Tuesday, but traders said it should see more support
early in the month as dollars flow in from aid agencies.
    On the Nairobi Security Exchange's benchmark NSE-20 index
, stocks reversed Monday's losses to close the session
up 0.3 percent. The shilling traded at 86.40/50 compared with
Monday's close of 86.30/40 at the 1300 GMT market close
    "We should see the shilling strengthen a bit (due to)
inflows from NGOs," a senior trader at one commercial bank said.
    However, some market players said resistance had developed
against the shilling's strengthening much below 86.40, largely
because of telecoms and energy companies buying dollars. 
    "We are still seeing a lot of buying interest at below
86.40. I guess that now creates a buffer," said Duncan Kinuthia,
head of trading at Commercial Bank of Africa.
    In the longer term, the shilling may come under pressure
from decline in tourism, a key source of foreign exchange.
Tourists have been scared off by high-profile bombings and
attacks, mostly blamed on Somali Islamists.
    Multiple explosions in Kenya's capital, Nairobi, killed six
people and wounded several others on Monday evening. Militants
killed several people in another attack on a church near
Mombasa, a tourist hub, earlier this month. 
    President Uhuru Kenyatta on Friday said tourism was "on its
knees". 
    On the Nairobi Securities Exchange, the main NSE-20 Share
Index ended the session 0.3 percent higher at 4,959.96
points. Kenya Airways led the gains as it began
flights on its no-frills subsidiary Jambojet on Tuesday.
    The national flag carrier, which is adding aircraft and
routes and is expected to swing back into profit this year,
closed up 3.6 percent at 12.95 shillings a share.
    "(Investors) are taking position now for the full year
(results)," said Virginia Wairimu, a research analyst at Suntra
Investment Bank. "The expectation is that they (will) have a
positive year compared to last year."
    On the secondary market, government bonds valued at 2.63
billion shillings were traded, up from 1.12 billion shillings on
Monday.
               ...........................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
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 (Editing by Drazen Jorgic and Larry King)

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