Kenyan shilling was steady on Thursday, supported by foreign investors buying local equity and debt securities. FILE
Nation Media Group
By Reuters
The Kenyan shilling was steady on Thursday,
supported by foreign investors buying local equity and debt securities
on expectations of a robust corporate earnings season this month,
dealers said.
Most listed companies are scheduled to announce first quarter financial results in May.
By 0739 GMT, commercial banks were quoting the
shilling at 83.60/80 per dollar, barely changed from Wednesday's close
of 83.70/80.
"There is a lot of foreign interest on the large
cap stocks, especially banks, since they expect a good reporting
season," said Dickson Magecha, a foreign exchange dealer at Standard Chartered Bank.
"We've have seen good flows into the equities and
debt market since yesterday (Wednesday) and we expect these flows to
continue in coming sessions," he said.
Kenya's main share index has rallied 18 per cent
this year, buoyed by a peaceful election, a stable currency and low
inflation rate.
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