UPDATE 1-Kenyan shares fall, frustrated by 5,000 barrier, shilling steady

Fri Jun 7, 2013 10:33am EDT

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* Investors frustrated by bourse's 5,000-point barrier
    * Shilling seen firming a new government sets to work

 (Recast with stocks, shilling closer)
    By Kevin Mwanza
    NAIROBI, June 7 (Reuters) - Kenyan shares fell on Friday as
investors reacted to the benchmark index's failure once again to
break the psychological 5,000 point barrier, while the shilling
ended steady.
    The benchmark NSE-20 share index dropped 0.5
percent to 4,962.66 points.
    "The market is getting fatigued after getting stuck below
5,000 point for the last two weeks," said Moses Waireri, an
analyst at Sterling Investment Bank.
    "I expect more downward pressure going forward. Most
counters are over-valued and might start declining." 
    Oil marketer KenolKobil fell 3.4 percent to 10
shillings a share, while retailer Uchumi shed 1.2
percent to 20.50 shillings per share.
    On the foreign exchange market, the shilling closed
steady on Friday and traders expected it to firm on dollar
inflows as foreigners target local assets.
    "Markets are beginning to wake up to the prospect of the
government getting to work," said Raphael Owino, assistant
general Treasury manager at Commercial Bank of Africa, referring
to a lull in economic activity in the run-up and immediately
after March's election.
    Finance Secretary Henry Rotich said on Friday the $35
billion economy was on course to grow at 5.6 percent this year
from 4.6 percent before, spurred by renewed confidence after the
vote passed off smoothly.
    The shilling closed at 84.80/85.00 the same level it closed
at on Thursday. The shilling has gained 1.5 percent this year,
tracking improved sentiment in the market after the vote. 
    In debt, bonds worth 7.7 billion shilling ($90.7
million)were traded, same amount as Thursday.
               ...........................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
  SPEED GUIDES:
                                    
            
 ($1 = 84.9000 Kenyan shillings)

 (Editing by Richard Lough, Ron Askew)
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