Kenyan shares fell for the fifth straight session on Thursday as investors booked gains on this year's rally and shifted interest to the debt market, while the shilling was steady.
The benchmark NSE-20 share index fell 0.4 per cent to 4,584.50 points.
The index has lost 8.1 per cent since the start of June, driven by profit-taking, concerns over the end of the US stimulus programme and jitters about a government plan to re-introduce capital gains tax. It is up 11 per cent on the year.
Faith Atiti, an analyst at NIC Securities, said high subscriptions at Wednesday's bond sale could have starved the equities market of liquidity.