Shilling Strengthens Against a Rebounding Rand

The shilling performed poorly against its basket of international and regional peers, rallying against only two of the seven. The Kenyan shilling gained against the US Dollar by 0.01% to 102.23, despite investors’ confidence in the US Fed rate hike rising to the 74%, futures contracts show. Economic data showed that Core Consumer Price Index (MoM) and (YoY) was unchanged and as expected, thus increasing vulnerable sentiment on the greenback.
The local currency also weakened against the Sterling Pound and the Euro, by 0.15% and 0.1% to 154.84 and 112.38 (respectively). The South African Rand extended further weakening to historic lows for a fifth day, having shed a further 1.85% against the Kenyan shilling to close trading. However, the rand strengthened against other major and emerging market currencies; in reaction to President Zuma’s U-turn on the appointment of finance minister.
Foreign Investor Participation
The foreign participation climbed in comparison to the previous day, accounting for 89.37% of total turnover against 10.63% of local participation. Sell off activities offset buy side, resulting in net outflows worth KES 1070.66Mn relative to KES 105.83Mn net inflows on Monday.
Foreign investors accounted for 89.37% of the NSE turnover as compared to 59.50% on Thursday. Foreign investors engaged in net accumulative activities, resulting in net outflows worth KES 1070.66Mn.
Kenya Commercial Bank Limited (NSE: KCB) was the day’s highest traded stock, recording a turnover of KES 382.362Mn to account for 31.94% of total market activity and 35.74% of foreign investor activity, followed by Equity Group Holding Limited (NSE: EQTY) with a turnover of KES 295.86Mn representing 24.70% of total market activity and 27.63% of foreign investor activity.
Bamburi Cement Limited (NSE: BAMB) posted the day’s highest net inflows worth KES 3.98Mn and the day’s highest net outflows, worth KES 36.83Mn, were posted by Equity Group Holding Limited (NSE: EQTY).
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