Kampala — The towering appetite for shares of Safaricom, Kenya's giant mobile operator, among investors has pushed up supply of local shares at the Uganda Securities Exchange.

Shares traded hit the 6.7 million mark up from 4.8 million last week.

As investors dash to tap into East Africa's largest Initial Public Offer, volumes are surging while a decline in share prices of some local stocks is taking shape at the Kampala based bourse.

Kenya's government which has a 65 per cent shareholding stake in the operator is giving away to the public its 10 billion shares at Shs137 (Ksh5), as its seeks capital to develop its economy also as part of its privatisation drive.

At the Uganda Securities Exchange (USE), financial institution Development Finance Company of Uganda (Dfcu), was the week's top loser.

The Group shed off Shs15 which left its share price at Shs785, the lowest in three weeks.

British America Tobacco Uganda which has just introduced Pall Mall, a new cigarette brand on the market lost Shs5 ending the week at Shs1460.