Kenyan Shilling Remains Flat Against US Dollar

Thursday’s trading of the Kenyan shilling ended with the shilling only weakening against the Sterling Pound (GBP) and the Euro (EUR). The shilling shed 0.04% against the EUR following sentiments by the European Central Bank (ECB) president indicating that the ECB is ready to boost programs next month as inflation wanes and economic prospects weaken.

The shilling remained flat against the USD with a likelihood of further Central Bank of Kenya intervention in the offing to stem any further shedding. However, gains were registered against the South African Rand (ZAR) by 0.60% to 7.19 as South African mining production fell 3.7% month-on month, with gold output falling 4.9%.

Foreign Investor Participation

The foreign participation edged up during Thursday’s trading session, accounting for 67.67% of total turnover against 32.33% of local participation. Sell off activities offset buy side, resulting in net outflows worth KES 14.64Mn relative to KES 14.64Mn net outflows on Wednesday.

Foreign investors accounted for 67.67% of the NSE turnover as compared to 50.29% on Wednesday. Foreign investors engaged in net distributive activities, resulting in net inflows worth KES 14.64Mn.

Safaricom Limited (NSE: SCOM) was the day’s highest traded stock, recording a turnover of KES 102.56Mn to account for 25.99% of total market activity and 38.41% of foreign investor activity, followed by CFC Stanbic Limited (NSE: CFC) with a turnover of KES 75.43Mn representing 18.86% of total market activity and 27.87% of foreign investor activity.

Safaricom Limited (NSE: SCOM) posted the day’s highest net inflows worth KES 15.21Mn and the day’s highest net outflows, worth KES 36.83Mn, were posted by Kenya Commercial Bank (NSE: KCB).