We study the kinetics of spin coherence of optically excited electrons in a
n undoped insulating ZnSe/Zn1-xCdxSe quantum well under moderate magnetic f
ields in the Voigt configuration. After clarifying the optical coherence an
d the spin coherence, we build the kinetic Bloch equations and calculate de
phasing and relaxation kinetics of laser pulse-excited plasma due to static
ally screened Coulomb scattering and electron-hole spin exchange. We find t
hat the Coulomb scattering cannot cause the spin dephasing, and that the el
ectron-hole spin exchange is the main mechanism of the spin decoherence. Mo
reover the beat frequency in the Faraday rotation angle is determined mainl
y by the Zeeman splitting, redshifted by the Coulomb scattering and the ele
ctron-hole spin exchange. Our numerical results are in agreement with exper
imental findings. A possible scenario for the contribution of electron-hole
spin exchange to the spin dephasing of the n-doped material is also propos
ed.