Kenyan Shilling Withstands Pressure Against US Dollar

Currency

The Kenyan Shilling kick started the week on mixed sentiments as it endured pressures against a strengthening US Dollar (USD), but marginally softened against the Euro (EUR) and Sterling Pound (GBP). The KES stood sturdy even after expectation spurred dollar outflows last week; closing the day’s trading at 102.32 (12:30pm GMT). Meanwhile, on the regional front, the South African Rand outperformed the KES after the Moody’s credit rating agency shifted its stance on South Africa from “negative” to “stable”.

Foreign Investor Participation

The foreign participation dropped significantly during Monday’s trading session, accounting for 24.77% of total turnover against 75.23% of local participation. Sell off activities offset buy side, resulting in net outflows worth KES 9Mn.10 relative to KES 68.27Mn net inflows on Friday.

Foreign investors accounted for 24.77% of the NSE turnover as compared to 79.29% on Friday. Foreign investors engaged in net distributive activities, resulting in net outflows worth KES 9.10Mn.

Safaricom Limited (NSE: SCOM) was the day’s highest traded stock, recording a turnover of KES 92.80Mn to account for 14.10% of total market activity and 57.10% of foreign investor activity, followed by East African Breweries Limited (NSE: EABL) with a turnover of KES 27.03Mn representing 4.12% of total market activity and 16.53% of foreign investor activity.

Kenya Commercial Bank Limited (NSE: KCB) posted the day’s highest net inflows worth KES 2.05Mn and the day’s highest net outflows, worth KES 17.52Mn, were posted by Safaricom Limited (NSE: SCOM).