Kenya Commercial Bank Ltd. (KNCB), the East African nation’s biggest lender by assets, climbed for the first day in 14 after falling below a technical level that indicates the stock is poised for a rise.
The shares advanced 0.3 percent to 15 shillings by the 3 p.m. close in the capital, Nairobi.
Kenya Commercial’s 14-day relative strength index closed at 25.2 yesterday, according to data compiled by Bloomberg. A level below 30 signals to some technical analysts that the stock is oversold and set for a rise.
The RSI identifies possible turning points in indexes or securities by measuring the degree to which gains and losses outpace each other in a given period.
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