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Middle East & Africa


Kenya shilling holds steady, shares inch lower  NAIROBI: The Kenyan shilling was barely changed against the dollar on Wednesday, unable to break out of its recent ranges, while shares inched lower as earnings reports came in.At the 1300 GMT close of the market, leading commercial banks posted the shilling at 86.65/75 per dollar, barely moved from the previous day's closing rate of 86.60/70.Traders said it was likely to be stuck in a narrow band of 86.30-86.70 in the next few days.They cited a lack of demand for dollars or news that could move the currency."Without that, the market remains directionless," said Duncan Kinuthia, head of trading at Commercial Bank of Africa.In the money markets, where recent drops in the overnight borrowing rate had unleashed pressure on the currency, there was scant movement.The weighted average interest rate on the interbank borrowing market stood at 8.4044 percent on Tuesday from 8.4012 percent the previous day.On the Nairobi Stock Exchange, ...

South Africa's rand at week high vs dollar JOHANNESBURG: South Africa's rand touched its strongest in a week against the dollar on Wednesday, as a recovery in global sentiment boosted riskier, high-yielding assets.Hopes that China would take steps to support its slowing economy helped the upbeat sentiment. Recent data from the world's second-biggest economy has put pressure on resource-heavy currencies such as the rand.China is also a major consumer of South Africa's exports, and a slow-down there would depress the already struggling domestic ...
South Africa's rand holds steady but looks vulnerable JOHANNESBURG: The rand held steady against the dollar early on Monday but looked unlikely to gain significant ground amid fresh fears about economic growth in China, a major trading partner to South Africa. Chinese manufacturing looked as though it contracted in the first quarter of the year as the March Markit/HSBC Purchasing Managers' Index fell to an eight-month low. The index has stayed below the 50 mark, signifying contraction, since January. South Africa's rand was ...
Kenya shilling inches up on profit-taking NAIROBI: The Kenyan shilling edged up against the dollar on Monday as some market participants booked recent gains, traders said.At 0710 GMT, commercial banks posted the shilling at 86.55/65 per dollar, slightly up from Friday's close of 86.60/70."Looks some profit taking and some mild (dollar) flows coming into the market," said Duncan Kinuthia, head of trading at Commercial Bank of Africa.The shilling has been under some pressure in recent weeks due to a drop in ...
Zambia scraps foreign exchange restrictions LUSAKA: Zambia scrapped on Friday restrictions on the use of dollars and other foreign currencies as it tried to halt the slide in its currency, which has lost nearly a fifth of its value in recent months."The continuous falling of the kwacha is of concern to us," Finance Minister Alexander Chikwanda said at a news conference announcing the immediate revocation of the foreign exchange restrictions.After having held steady around 5.50 to the US dollar for ...
Kenya shilling eases, importer dollar demand may exert pressure NAIROBI: The Kenyan shilling eased slightly on Friday, trading in a tight range but with pressure from importers seeking dollars for end-month payments starting to build, traders said.At 0757 GMT, commercial banks quoted the shilling at 86.50/60, compare to Thursday's close of 86.45/60. The shilling has gained 0.1 percent against the dollar this year. Traders expected it to stay in a 86.30 to 87.00 range in coming days."Mostly I would say what was keeping the ...
Ugandan shilling driven lower by banks in need of dollars KAMPALA: Uganda's shilling fell 0.8 percent on Friday as local banks stocked up on dollars to make dividend payments and the threat of further aid cuts over new anti-gay legislation weighed on the currency.At 1015 GMT commercial banks quoted the shilling at 2,555/2,565, weaker than Thursday's close of 2,535/2,545. "The shilling is being pinned back mainly by buying pressure from banks that are in the process of paying dividends," said Faisal Bukenya, head of market ...


Index Closing Chg%
Arrow DJIA 16,408.54 0.10
Arrow Nasdaq 4,095.52 0.23
Arrow S&P 1,864.85 0.14
Arrow FTSE 6,625.25 0.62
Arrow DAX 9,409.71 0.99
Arrow CAC-40 4,431.81 0.59
Arrow Nikkei 14,516.27 0.68
Arrow H.Seng 22,760.24 0.28
Arrow Sensex 22,628.84 1.58

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln