CBK Sells Dollars to Stabilize Shilling

In Tuesday’s trading, the shilling extended gains against most of its international and regional peers, apart from the Sterling Pound (GBP) and the Indian Rupee (IND). The shilling edged up 0.12% against the US Dollar as the Central Bank of Kenya (CBK) extended its support by selling an unspecified amount of dollars to the market, further propping the pair. On the regional front, the shilling extended gains against the South African Rand (ZAR) by 0.76% to 7.12 despite October data indicated the month of month factory output rose by 2.2%. Further gains were registered against the Tanzanian shilling (TZS) and the Ugandan Shilling (UGX) by 0.83% and 1.32% respectively.

Foreign Investor Participation

The foreign participation declined during Tuesday’s trading session, accounting for 53.68% of total turnover against 46.32% of local participation. Buy side activities offset sell offs, resulting in net inflows worth KES 40.27Mn relative to KES 13.33Mn net outflows on Monday.

Foreign investors accounted for 53.68% of the NSE turnover as compared to 69.09% on Monday. Foreign investors engaged in net accumulative activities, resulting in net inflows worth KES 40.27Mn.

Equity Group Holdings Limited (NSE: EQTY) was the day’s highest traded stock, recording a turnover of KES 148.41Mn to account for 18.81% of total market activity and 35.03% of foreign investor activity, followed by CFC Stanbic Bank Limited (NSE: CFC) with a turnover of KES 117.94Mn representing 14.94% of total market activity and 27.84% of foreign investor activity.

CFC Stanbic Bank Limited (NSE: CFC) posted the day’s highest net inflows worth KES 117.94Mn and the day’s highest net outflows, worth KES 23.85Mn, were posted by Centum Investment Company (NSE: ICDC).