Bloomberg News

Kenya Commercial Bank Falls Most in 3 Weeks: Nairobi Mover

May 18, 2012

Kenya Commercial Bank Ltd. (KNCB), the country’s second-biggest lender by market value, declined the most in three weeks on a technical signal which showed the stock was poised to drop.

KCB, as the lender is known, fell 3.1 percent to 23.75 shillings by 11:02 a.m. in the capital, Nairobi, its biggest one-day drop since April 26, according to data compiled by Bloomberg. A close at that level would be the lowest in a week.

KCB’s 14-day relative strength index closed at 71.2 on May 16, according to data compiled by Bloomberg. A reading above 70 means a security is overvalued and will probably fall. KCB’s RSI has been above 70 since May 16.

Year to date the stock has risen 43 percent, the fourth best performing Kenyan stock, according to data compiled by Bloomberg.

Its first quarter earnings jumped 37 percent as loan income increased. Net income climbed to 2.43 billion shillings in the three months through March from 1.77 billion shillings a year earlier. Net interest income, the money banks earn from interest charges on loans, surged 35 percent to 6.94 billion shillings, it said April 26.

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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