The shilling strengthened against a basket of currencies, despite a volatile start to the trading session; registering gains against six of the seven currencies. The local currency extended gains against the Sterling pound by 0.05% to close at 145.8, as investors remained dovish on weak GDP data to be announced tomorrow.
Across the pond, the Kenyan shilling cut-back prior losses against the dollar, recording a gain of 0.08% to close trading at 102.35. The dollar edged higher against major currencies as investors awaited the Federal Reserve’s policy meeting, due to begin later today. The market was dominated by a fresh decline in oil prices and late selloffs in Chinese stock markets overnight that saw the Shanghai Composite Index fall 6.42%- in a trading session.
Foreign Investor Participation:
The foreign participation rallied up during Tuesday’s trading session, accounting for 72.26% of total turnover against 27.74% of local participation. Sell off activities offset buy side, resulting in net outflows worth KES 5.23Mn relative to KES 14.24Mn net outflows on Monday.
Foreign investors accounted for 72.26% of the NSE turnover as compared to 31.59% on Monday. Foreign investors engaged in net distributive activities, resulting in net outflows worth KES 5.23Mn.
Equity Group Holdings Limited (NSE: EQTY) was the day’s highest traded stock, recording a turnover of KES 179.92Mn to account for 32.85% of total market activity and 45.46% of foreign investor activity, followed by Safaricom
Limited (NSE: SCOM) with a turnover of KES 157.13Mn representing 28.69% of total market activity and 39.71% of foreign investor activity.
Nation Media Group Limited (NSE: NMG) posted the day’s highest net inflows worth KES 11.07Mn and the day’s highest net outflows, worth KES 14.23Mn, were posted by Kenya Commercial Bank Limited (NSE: KCB).