Kenyan markets open but eyes violence

Kenya's foreign exchange and stock markets opened on Friday but forex dealers said they would shut up shop if there was more post-election violence in the capital, while several stock brokers stayed away.

On Thursday, the currency market and stock exchange were forced to halt trade as police fought protesters trying to stage an anti-government demonstration over President Mwai Kibaki's disputed election win.

Market players were braced for more turmoil amid confusion over opposition plans for a second rally on Friday.

"The market opened as normal, but we will not be on the interbank to avoid exaggerated depreciation while we monitor the situation," the dealer said. "If things continue to be dicey, we leave at our discretion.

"If things calm down, we may resume interbank trade next week, but trade today will be in-house," he said.

Offshore trade in the shilling fluctuated sharply on Thursday after the Kenyan currency lost 5 percent against the dollar in the previous session.

A stock broker confirmed the bourse had opened as usual but activity was thin with several traders opting to stay at home.

"The market has opened, we are trading," Peterson Mwangi, chief executive of Ashbhu Securities, told Reuters. "But quite a number of brokers are out."

The opposition had vowed to defy police for a second day running by holding a rally in Nairobi's main park, bordering the central business district.

But by mid-morning, there was no sign of any mass action in the city centre.

The International Monetary Fund's (IMF) managing director Dominique Strauss-Kahn added to a chorus of concern over the violence in Kenya, east Africa's biggest economy.

"I very much hope that the political leaders in Kenya will quickly and peacefully resolve the current dispute over the election results," he said in a statement. "This would open the way to further progress toward economic prosperity."

On Thursday, the World Bank said Kenya's turmoil could threaten its impressive economic gains and harm regional economies that depend on it as a business hub.
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