STOCKS NEWS AFRICA-Kenya's stocks seen range-bound this week

Mon Sep 6, 2010 9:02am GMT

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0900GMT 06Sep10 - Kenya's stocks seen in a range this week

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Kenyan stocks are expected to trade in a range this week with caution around fuel retailer KenolKobil (KENO.NR: Quote), due to its spat with the energy regulator, offsetting interest in utilities ahead of full-year results.

The Nairobi Stock Exchange's benchmark index, NSE-20 finished last week at 4,437.69 points, down more than 70 points due to profit-taking after it touched a high of 4,667 points in the first week of August.

Technical analysis shows the index will stay in a range of 4,200-4,700 points with a break in either direction, setting the next direction.

"There are mixed perceptions about where the index is likely to go this week," says an analyst at Kestrel Capital, adding power producer KenGen (KEGN.NR: Quote) and transmitter Kenya Power (KPLC.NR: Quote) will attract attention ahead of trading results for their year ended-June.

KenolKobil is locked in a dispute that threatens its marketing permit with the Energy Regulatory Commission over refining fees.

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