The Kenyan shilling continued to shed against the dollar, for the second consecutive day, as improved liquidity and importers increased demand for dollars. The local currency dropped 0.17% against the US dollar, to close the trading day at 103.38; although, crude oil data to be released later on in the day, may allow the shilling to rally against the greenback. The Kenyan shilling also shed against both the Sterling pound and Euro by 1.12% and 0.41%, to 158.36 and 116.38 (respectively); as the former released better than expected data on manufacturing production (MoM).
The Kenyan shilling failed to carve points on the Euro, despite poor economic data from Germany, showing that a slowdown in global growth could be spreading to the euro area’s largest economy. On the local front, the shilling trimmed percentage points earned earlier in the week, as Tanzanian and Ugandan gained 0.34% and 0.11% against the local currency; to close trading at 35.65 and 20.99.
Foreign Investor Participation
The foreign participation rallied up during Wednesday’s trading session, accounting for 92.86% of total turnover against 7.14% of local participation. Sell off activities were unable to offset buy side, resulting in net inflows worth KES 12.10Mn relative to KES 81,780 net outflows on Monday.
Foreign investors accounted for 92.86% of the NSE turnover as compared to 66.23% on Monday. Foreign investors engaged in net distributive activities, resulting in net inflows worth KES 12.10Mn.
Equity Group Holdings Limited (NSE: EQTY) was the day’s highest traded stock, recording a turnover of KES 574 Mn to account for 33.231% of total market activity and 35.78% of foreign investor activity, followed by Kenya Commercial Bank Limited (NSE: KCB) with a turnover of KES 514Mn representing 29.73% of total market activity and 32.01% of foreign investor activity.
Equity Group Holdings Limited (NSE: EQTY) posted the day’s highest net inflows worth KES 11.95 Mn and the day’s highest net outflows, worth KES 8.12 Mn, were posted by Kenya Commercial Bank Limited (NSE: KCB).