Kenyan shares nosed ahead for the eighth straight session on Friday, lifted by foreign investors buying of large-cap stocks, while the shilling held steady.
The benchmark NSE-20 share index rose 0.3 per cent to 4,749.32 points, and has recouped 2.17 per cent after a two-week dip when investors booked gains after half-year results.
Gains in a few big stocks, namely Safaricom and EABL - together more than 30 per cent of the entire market, have pushed the NSE-20 up. Elsewhere, support has been limited and the overall market is slightly weaker.
"Most of them (foreign investors) are of the view that the market is a bit overbought ... and it's not a good time to be very active," NIC Securities analyst Faith Atiti said.
The NSE-20 is up about 15 per cent this year and most of the support over the past two weeks has come from foreign investors.
Safaricom, fell 0.6 per cent to close at Sh8 a share after closing its books on dividend payouts. The stock has risen just over 3 per cent in the last eight sessions.
On the foreign exchange market, the shilling closed at 87.55/65 to the dollar at 1300 GMT, little changed from Thursday's close of 87.50/60.
Traders say the shilling is likely to be trapped in a range of 87.30/87.70, though it might firm a touch if the central bank keeps mopping up liquidity.
On Friday, the bank bought Sh14 billion from the market via repos at a 7.041 per cent weighted average rate. It had received bids worth a total of 16.5 billion.