Bloomberg News

Kenya Commercial Bank Heads for Biggest Fall in Nine Months

May 22, 2012

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.

To contact the reporter on this story: Paul Richardson in Nairobi at pmrichardson@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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