Shares drop on profit-taking

Kenyan shares fell on Friday as investors resumed booking their gains after a two-session pause, while the shilling was stable due to dollar inflows into the local debt market.

The benchmark NSE-20 share index fell 0.86 percent during the session to close at 5,304.41 points.

Market participants blamed the drop on investors taking profits in a pattern that started early this month when the index scaled a seven-year peak.

“We have been in profit-taking mode all this month,” said Aly Khan Satchu, an independent trader and analyst, who said he was bullish about the outlook for the shares this year.