Kenyan Shilling Records Second Rally against USD

Foreign Investor Participation

The foreign participation curtailed during Friday’s trading session, accounting for 75.33% of total turnover against 24.67% of local participation. Sell off activities were able to offset buy side, resulting in net outflows worth KES 1.51Mn relative to KES 55.90Mn net outflows on Thursday.

Foreign investors accounted for 75.33% of the NSE turnover as compared to 55.14% on Wednesday. Foreign investors engaged in net distributive activities, resulting in net outflows worth KES 1.51Mn.

Kenya Commercial Bank Limited (NSE: KCB) was the day’s highest traded stock, recording a turnover of KES 101.23Mn to account for 25.85% of total market activity and 34.32% of foreign investor activity, followed by WPP Scangroup Limited (NSE: SCAN) with a turnover of KES 81.18Mn representing 20.73% of total market activity and 27.52% of foreign investor activity.

Safaricom Limited (NSE: SCOM) posted the day’s highest net inflows worth KES 14.89Mn and the day’s highest net outflows, worth KES 29.76Mn, were posted by Kenya Commercial Bank Limited (NSE: KCB).).

As the week draws to a close the shilling tallied significant gains against the dollar, allowing the former to better weather the inevitable end-month dollar demand. The Kenyan shilling recorded a 0.13% gain against the US Dollar, to 103.00, supported by Kenya Central Bank’s overall participation in the market through the week and poor economic data from the United States; less than expected export price index, were released today.

The Kenyan shilling illustrated a different story across the pond, shedding against the Sterling pound and Euro, by 0.39% and 0.77% to 157.9 and 117.04 (respectively); as the pound weakened against a basket of currencies due to a worsening trade balance in August. On the regional front, the Kenyan shilling performed well gaining 0.09% and 0.24% to 35.73 and 21.10 against the Ugandan and Tanzanian Shilling (respectively).