Uchumi of Kenya Rises Most in Three Months After 3-Day Drop
The stock jumped 7.7 percent to 16.7 shillings by the close in Nairobi, the capital, the biggest increase since March 8. The stock had dropped 20 percent in the previous three sessions.
“We have been seeing quite a bit of aggressive selling during the three days and today there was some foreign buying, that combined with local investors who think the stock has bottomed out,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said in a phone interview today.
To contact the reporter on this story: Eric Ombok in Nairobi at email@example.com.
To contact the editor responsible for this story: Shaji Mathew at firstname.lastname@example.org