Bloomberg News

Kenya Commercial Rises First Day in 14 on Oversold Position

November 30, 2011

(Updates with closing share price in second paragraph.)

Nov. 30 (Bloomberg) -- Kenya Commercial Bank Ltd., 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.

--Editors: Ash Kumar, Peter Branton

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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