Currency
The shilling made significant changes against most of its international peers, as the Monetary Policy Committee Meeting and subsequent rate hike decision were to be finalised later in the day. The Kenyan shilling rallied against the greenback by 0.05%, to close the trading session at 102.28, despite positive sentiment on the Core Consumer Price Index (MoM) – which would influence the US Federal rate hike.
The local currency also made significant gains against the Euro, with a 0.74% increase to 108.98; as the Euro lost against its own basket of currencies, most notably hitting a 7-month low against the dollar. On the regional front, the shilling slumped against the Ugandan- and Tanzanian Shilling, by 1.62% and 0.51% (respectively); as the former was propelled by mopping up activity, by the Bank of Uganda.
Foreign Investor Participation
The foreign participation marginally edged up during Tuesday’s trading session, accounting for 74.87% of total turnover against 25.13% of local participation. Sell off activities offset buy side, resulting in net outflows worth KES 81.70Mn relative to KES 823.64Mn net outflows on Monday.
Foreign investors accounted for 74.87% of the NSE turnover as compared to 83.03% on Monday. Foreign investors engaged in net distributive activities, resulting in net outflows worth KES 81.70Mn.
Equity Group Holdings Limited (NSE: EQTY) was the day’s highest traded stock, recording a turnover of KES 155.50Mn to account for 27.23% of total market activity and 36.37% of foreign investor activity, followed by Kenya Commercial Bank Limited (NSE: KCB) with a turnover of KES 100.68Mn representing 17.63% of total market activity and 23.55% of foreign investor activity.
Centum Investment Company Limited (NSE: ICDC) posted the day’s highest net inflows worth KES 2.28Mn and the day’s highest net outflows, worth KES 49.02Mn, were posted by Kenya Commercial Bank Limited (NSE: KCB).