Kenya Commercial Bank Ltd. (KNCB), the East African nation’s third-biggest bank by market value, fell for a third day and headed for its biggest decline in more than nine months.
The stock dropped as much as 7.5 percent and was trading 6.4 percent lower at 22 shillings by 12:01 p.m. in Nairobi, the capital. A close at that level would mark the largest fall since Aug. 9.
“It is trading ex-dividend from today and most investors are selling,” Davis Mika, a Nairobi-based independent stock analyst, said in a phone interview.
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