Kenyan shilling supported by foreign buy

May 10 [Fri], 2013, 5:41
NAIROBI (Reuters) - The Kenyan shilling was steady on Thursday, supported by foreign investors buying local equity and debt securities on expectations of a robust corporate earnings season this month, dealers said.

Most listed companies are scheduled to announce first quarter financial results in May.

By 0739 GMT, commercial banks were quoting the shilling at 83.60/80 per dollar, barely changed from Wednesday's close of 83.70/80.

"There is a lot of foreign interest on the large cap stocks, especially banks, since they expect a good reporting season," said Dickson Magecha, a foreign exchange dealer at Standard Chartered Bank.

"We've have seen good flows into the equities and debt market since yesterday and we expect these flows to continue in coming sessions," he said.

Kenya's main share index has rallied 18 percent this year, buoyed by a peaceful election, a stable currency and low inflation rate.
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