Shilling Maintains Losing Streak against US Dollar

The Kenyan shilling performed slightly better than the previous trading session, having lost on all but two of its seven international currency comparables. The local currency dropped 0.05%- for a second consecutive day- against the US Dollar to close at 102.20; as the latter was propped by US FOMC members speaking in regards to the economy and the fed rate hike. The shilling gained against the Sterling Pound by 0.26% to close trading at 153.67, as the U.K economy produced less-than expected Construction Purchasing Managers Index (PMI). On the local front the local currency shed against the Ugandan and Tanzanian shilling, by 0.45% and 0.15%, to close at 32.53 and 21.13 (respectively).

Foreign Investor Participation

The foreign participation edged down during Wednesday’s trading session, accounting for 69.50% of total turnover against 30.50% of local participation. Sell off activities offset buy side, resulting in net outflows worth KES 40.10Mn relative to KES 2.93Mn Mn net outflows on Tuesday.

Foreign investors accounted for 69.50% of the NSE turnover as compared to 63.66% on Tuesday. Foreign investors engaged in net accumulative activities, resulting in net inflows worth KES 40.10Mn.

East Africa Breweries Limited (NSE: EABL) was the day’s highest traded stock, recording a turnover of KES 147.26Mn to account for 29.27% of total market activity and 42.11% of foreign investor activity, followed by Equity Group Holdings Limited (NSE: EQTY) with a turnover of KES 114.86Mn representing 22.83% of total market activity and 32.85% of foreign investor activity.

Safaricom Limited (NSE: SCOM) posted the day’s highest net inflows worth KES 16.63Mn and the day’s highest net outflows, worth KES 44.13Mn, were posted by Equity Group Holdings Limited (NSE: EQTY).