It is indeed correctly pronounced with a "kay" sound, not "kee."
I want to know why reference materials all place the stress on the second syllable, though. In the vast majority of Hawaiian two-syllable words (maybe all of them?), the stress is on the first syllable. I don't like that it appears that English changed the pronunciation seemingly in response to the early incorrect addition of an accent mark over the E to keep English speakers from rhyming it with "coke."
