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UPDATE 1-Kenyan shilling trade hit by communications breakdown
March 14, 2012 / 2:37 PM / 6 years ago

UPDATE 1-Kenyan shilling trade hit by communications breakdown

* Shilling trading affected by internet disruption
    * Stocks book profits, edging lower 0.8 pct
    * Long-dated government bonds attracts investors

 (Adds market close, fresh quotes)	
    By Beatrice Gachenge	
    NAIROBI, March 14 (Reuters) - Electronic trading in
the Kenyan shilling was interrupted on Wednesday after
one of the east African country's major communications links was
cut, while stocks fell nearly one percent for the second day in
a row on profit taking. 	
    Some commercial banks quoted the local currency at 82.25/45
per dollar, slightly weaker than Tuesday's close of 82.20/40. 	
    But actual trading levels were unclear after a major inland
fibre optic cable was cut, affecting Internet service providers
countrywide, market players said.	
    "We are using anything we can like mobile phones, BlackBerry
messenger (to communicate between customers and other banks).
But the market is dead," said Sameer Lagadia head of trading at
Diamond Trust Bank.	
    Ignatius Chicha, head of markets at Citi, said the traders
could deal with customers by matching importers and exporters,
but banks could not cover themselves in the interbank market.	
    On the stock exchange, the main NSE-20 Share Index fell 0.8
percent to 3,332.89 points after investors booked profits on
stocks that had rallied on the back of positive full-year
results, analysts said. 	
    Kenya Commercial Bank shed 2.4 percent to close at
20.25 shillings, despite reporting the highest pretax profit in
2011 of 15.1 billion shillings in the sector.   	
    Kenya Airways was the main loser, falling 9.9
percent to 15.1 shillings ($0.18) on fears of share dilution,
ahead of a $250 million rights issue in April priced at 14
shillings. 	
               ...........................Shilling spot rates 
 
                  .....................Shilling forward rates 
 
                           .......................Cross rates 
 
         ..................................Local contributors 
 
           .......................Central Bank of Kenya Index 
 
          .....................Kenyan Bonds contributor pages 
 
                          ...............Treasury bill yields 
 
        ..................Central bank open market operations 
 
        .........................Horizontal repo transactions 
 
         ,       ................Daily interbank lending rate 
 
              .............................Kenya Bond pricing 
 
             ..................Real time Africa economic data 
 
 <ECI & AFR> ...........................African economic news
          .................................NSE-20 Share Index
         .................................NSE All Share Index
             ...........................FT NSE Kenya 15 Index
             .......................... FT NSE Kenya 25 Index
  SPEED GUIDES:
                                                
 ($1 = 82.4500 Kenyan shillings)	
	
 (Editing by David Clarke/Jeremy Gaunt)

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