The Kenyan shilling bucked a positive start to the week, as it recorded losses against all but one of its seven major currency comparable. The local currency dropped 0.29% against the US dollar, to close the trading day at 103.20, despite Central Bank of Kenya entering the market to offer KES. 10Bn of securities; of which yields reached their highest in 3 and a half years. The greenback remained lower against its own major currencies, after a downbeat U.S trade balance report illustrated a widening trade deficit; further prompting investors to push back their expectations for a rate hike by the Federal Reserve.
The Kenyan shilling also shed some 0.18% and 0.28%, to 156.61 and 115.91, against the Sterling pound and Euro (respectively); to begin subtracting significant gains made on both currencies the previous day.
Foreign Investor Participation
The foreign participation shored up during Monday’s trading session, accounting for 66.23% of total turnover against 33.77% of local participation. Sell off activities offset buy side, resulting in net outflows worth KES 81,780, relative to KES 9.05Mn net outflows on Friday.
Foreign investors accounted for 66.23% of the NSE turnover as compared to 79.80% on Friday.
Foreign investors engaged in net distributive activities, resulting in net outflows worth KES 81,780.
East African Breweries Limited (NSE: EABL) was the day’s highest traded stock, recording a turnover of KES 151.77 Mn to account for 25.81% of total market activity and 38.97% of foreign investor activity, followed by Safaricom Limited (NSE: SCOM) with a turnover of KES 48.02 Mn representing 10.70% of total market activity and 16.16% of foreign investor activity.
Crown Berger Limited (NSE: BERG) posted the day’s highest net inflows worth KES 16.00 Mn and the day’s highest net outflows, worth KES 37.34 Mn, were posted by East African Breweries Limited (NSE:EABL).