NSE going Bearish?

After a good spell during the first few weeks into the new year that saw the NSE share index surge above the 6000 level, the market appears to have gone down south with most counters registering lower average daily prices than the previous day prices.

Though the market is bracing itself for a season of new releases of financial results by most companies across the various counters, pundits are cautiously watching how far this would go.

Nevertheless with expected economic growth likely to hit 6% mark, the news can only be seen as a promise of good tidings for most players in the market and a time of better returns accruing to investors.

'The bearish trend seen during this time is a short term correction mechanism of the stock market and nothing to worry about as most counters had been overprices given the consistent surge during the last months of 2006 ' ackowledges Geoffrey Koech a Portoflio Analyst with Patana Securities Ltd.

He further observes that the speculative trends of most market players is also a factor at player in addition to increased supply accross various counters as investors offload to pay off fees and meet other engagements during the month of January.

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NSE Index slides further

After jumping to over 6,000 points as the year prepared to close, the NSE 20 share Index is now in a free slide.
From last week, the Index has been shedding off, a trend which continued on Wednesday when it lost 96.41 points to stand at 5774.27.
Some 5.2 million shares valued at Sh367 million were traded, inching up from Tuesday’s turnover of Sh365 million on 5.5 million shares. On a day it announced the search for a new chief executive officer, Kenya Commercial Bank lost seven shillings to Sh232 on 137m shares traded.
KenGen was the day’s biggest mover with 1.4 million shares dealt at between Sh21 and Sh24.50. Mumias Sugar nudged downwards to close at Sh42.25 on a volume of 298,000 shares.