By Duncan Miriri
Shares fell on Monday on profit taking and after defeated presidential candidate Raila Odinga filed a legal challenge to the result of this month’s presidential election.
Odinga challenged the election outcome in court on Saturday, alleging widespread ballot rigging in a fresh test of democracy five years after a disputed vote triggered deadly tribal violence.
His move also weighed on the shilling, which weakened slightly against the dollar on Monday as it could prolong political uncertainty in the region’s biggest economy.
The benchmark NSE-20 share index fell by 0.99 per cent to close at 4,727.04 points.
“There is some element of profit taking and there is the election petition,” said Judd Murigi, an analyst at African Alliance.
Analysts say a swift, transparent resolution of the petition will be critical to restoring Kenya’s reputation as a stable democracy, following post-election violence in early 2008.
Deliver verdict
The six Supreme Court judges are legally required to hear the case and deliver a verdict within the next two weeks.
“We may go to another election if it is successful,” Murigi said.
The stock market, which surged seven per cent in the two days after the peaceful conclusion of the March 4 vote, then suffered falls after Odinga refused to concede defeat.
In the currency market, leading commercial banks posted the shilling at Sh85.80/90 per dollar at yesterday’s market close, down slightly from Friday’s close of Sh85.55/65.
“Some demand for dollars is creeping in as life gets back to normal,” said Christopher Muiga, a senior trader at Kenya Commercial Bank.
However, he said the shilling could get some respite today from dollar inflows as the east African nation holds its weekly tea auction in the port city of Mombasa.
Has resistance
Technical charts were fairly neutral about the shilling, showing it has resistance at Sh86.20 to the dollar and support at Sh84.20, with a daily range of Sh85.40-86.00 per dollar seen in the next few days.
In the debt market, bonds worth Sh2.10 billion were traded, down from Sh3.67 billion worth traded in the previous session.
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