Kenyan shares slip, shilling hovers near three-year lows

Kenya's benchmark index slipped 0.9 per cent yesterday with trading focused on banks, while the shilling held steady near three-year lows. The benchmark NSE 20 index fell 47.28 points to close at 5,078.74 points, heading towards what traders said was the psychologically important level of 5,000.

"Generally, we have not seen a lot of appetite in the market," said Eric Musau, an analyst at Standard Investment Bank. "Valuations have been looking a bit stretched.