Kenyan Shilling Heads for First Monthly Gain since March

By / October 31, 2015

Currency

As the week- and more generally, the month- draws to a close the Kenyan shilling posts impressive figures against the US Dollar. Despite the shilling registering no change against the US Dollar, a 2.34% gain against the greenback marked the month as the first monthly gain since the market downturn in March. US economic data showed that GDP (QoQ) reached 1.5%- o.1% lower than expected- and down from the previous 2Q15, which was at 2.6%. Across the pond the shilling did not fare well, as it shed 0.76% and 0.56% to 156.42 and 112.23, against both the Sterling Pound and Euro (respectively). The Kenyan shilling illustrated a similar story on the local front as it shed 0.12% and 1.92% against the Ugandan shilling and Tanzanian shilling (respectively).

Foreign Investor Participation

The foreign participation substantially declined during Friday’s trading session, accounting for 79.49% of total turnover against 20.51% of local participation. Sell off activities offset buy side, resulting in net outflows worth KES 12.06Mn relative to KES 14.78Mn net outflows on Thursday.

Foreign investors accounted for 79.49% of the NSE turnover as compared to 8.48% on Thursday. Foreign investors engaged in net accumulative activities, resulting in net outflows worth KES 12.06Mn.

Safaricom Limited (NSE: SCOM) was the day’s highest traded stock, recording a turnover of KES 115.30Mn to account for 30.62% of total market activity and 38.52% of foreign investor activity, followed by Kenya Commercial Bank (NSE: KCB) with a turnover of KES 81.18Mn representing 21.56% of total market activity and 27.12% of foreign investor activity.

Equity Group Holding Limited (NSE: EQTY) posted the day’s highest net inflows worth KES 2.70Mn and the day’s highest net outflows, worth KES 7.07Mn, were posted by Centum Investments Company Limited (NSE: ICDC).