Kenyan Markets Exhibit Mixed Trend with the banking sector losing

By Soko Directory Team / September 11, 2017



nse

Last week, the equities market recorded mixed trend with NASI gaining 1.7 percent while NSE 25 and NSE 20 lost 0.1 percent and 1.2 percent, respectively.

This took their YTD performance to 24.2 percent, 22.5 percent and 20.5 percent for NASI, NSE 25 and NSE 20, respectively.

The performance was attributed to mixed performance by select large cap stocks with KCB Group, Equity Group and Co-op Bank losing 3.4 percent, 2.5 percent and 1.5 percent, respectively while Safaricom gained 6.0 percent.

Since the February 2015 peak, the market has lost 6.7 percent and 30.2 percent for NASI and NSE 20, respectively.

Equities turnover increased by 36.9 percent to close the week at USD 55.4 mn from USD 40.5 mn the previous week.

Foreign investors remained net sellers with a net outflow of USD 27.0 mn compared to a net outflow of USD 13.0 mn recorded the previous week.

The market is expected  to record subdued activity over the coming few weeks with reduced volumes as market players are cautious of the renewed political uncertainty in the country.

“Despite this, we expect the market to remain supported by improved investor sentiment once the country takes to the polls for the presidential elections scheduled for mid-October, and fears and uncertainty dissipates, as investors take advantage of the attractive stock valuations,” according to Cytonn Investments.



About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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