Kenyan shilling steady, stocks up slightly

NAIROBI: Kenya's shilling was steady on Friday and traders said it was expected to ease next week due to increased dollar demand from importers. Stocks rose slightly.

At 1330 GMT, commercial banks quoted the shilling at 102.35/45 to the dollar, the same as Thursday's close. The currency has hardly moved this week against the dollar.

Traders said they expect the shilling to weaken next week due to demand from importers and manufacturing firms.

Demand for dollars tends to rise later in each month as companies seek to meet contract payment deadlines.

On the Nairobi Securities Exchange, the main NSE-20 Share Index was up 3.50 points to close at 3,839.29 points, rising off two-month lows.