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CBK Governor Indicates Interventions will Infuse FX Stability

BY · September 30, 2015 08:09 am

Foreign Investor Participation

The foreign participation slightly edged lower during Tuesday’s trading session, accounting for 61.85% of total turnover against 76.98% of local participation. Sell off activities offset buy side, resulting in net outflows worth KES 79.04 Mn, relative to KES 13.11 Mn in net outflows on Monday.

Foreign investors accounted for 61.85% of the NSE turnover as compared to 76.98% on Monday. Foreign investors engaged in net distributive activities, resulting in net inflows worth KES Mn.

Safaricom Limited (NSE: SCOM) was the day’s highest traded stock, recording a turnover of KES 153.38 Mn to account for 25.48% of total market activity and 41.20% of foreign investor activity, followed by East African Breweries Limited (NSE: EABL) with a turnover of KES 61.04 Mn representing 10.14% of total market activity and 16.40% of foreign investor activity.

Kenya Re (NSE: KNRE) posted the day’s highest net inflows worth KES 27.63 Mn and the day’s highest net outflows, worth KES Mn were posted by Safaricom Limited (NSE: SCOM).

The Kenyan Shilling (KES) extended further marginal gains against the US Dollar (USD) by 0.03% to 105.37 following the Central Bank of Kenya’s (CBK) governor’s announcement that their continued intervention would prop the shilling, infusing greater stability on the FX front. The governor further indicated that the precautionary IMF stand-by facility amounting to USD 688 Mn would provide a cushion in the event of further shocks. Further gains were registered against the Sterling Pound (GBP) by 0.12% to 159.58. On the regional front, the shilling registered gains against the Ugandan Shilling by 0.56%, though ceded against the South African by 0.89% and a further 0.02% against the Tanzanian shilling.

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