By Paul Busharizi
STANBIC Bankâ€™s share price continued its downward trend, closing at sh135 from last weekâ€™s closing price of sh205.
Trading in Stanbic shares dominated the market with about 1.7 million changing hands on a day when they opened at sh165, traded between sh150 and sh140 before closing the week sh70 lower than last week.
â€œThere is a lot of selling pressure, which is not meeting demand and therefore forcing the price down,â€ Renaissance Capitalâ€™s general manager Rumbidzayi Nyabadza said.
â€œPeople are paying school fees and there is little demand from Kenya,â€ he said.
Brokers could not predict the range within which Stanbicâ€™s shares would trade next week but they expect the price to stabilise.
Stanbic was listed on the exchange last week, jumping by 200% to sh205 from the Initial Public Offer of sh70.
The British American Tobacco, Bank of Baroda and dfcu counters saw some action with their share prices remaining unchanged from Tuesdayâ€™s at sh465, sh1,000 and sh450 respectively.
The turnover was sh297.4m, while the all share index dropped by 3.9% to close at 918.65 points.
East African Breweries, Jubilee Holdings, Kenya Airways and New Vision did not record any activity at the Uganda Securities Exchange.