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[2008-08-14] Safaricom’s share price dip blamed on panic sales Panic selling by retail investors and mounting anxiety over outstanding bank loans used to finance the buying of Safaricom shares is contributing to the current volatility of the stock’s market price, according to market analysts.
The region’s most profitable company’s market share price sunk to a new low of Sh4.95 on Tuesday, below the discounted initial public offering (IPO) price of five shillings per share upsetting many investors.
Yesterday the price gained some ground to trade at a range of between Sh5.05 and Sh5.50 per share with over 22 million shares changing hands.
Safaricom has been on a steady decline from a high of Sh8.15 attained on June 9, its first day of trading at the bourse, to Tuesday’s low despite the fact that there has been no material shift in the company’s fundamentals since its listing at the NSE.
