Shilling Opens Week on Poor Performance

Kenyan Shilling Opens Week on Poor Performance

The Kenyan shilling opened the week in lack lustre style registering losses on five of its seven international and regional peers. The shilling shed points against the US Dollar by 0.17% to 102.32, illustrating favourable effects of upbeat U.S employment report and a strong week opening on Wall Street. Gains made by the greenback however are expected to be limited by ongoing concerns over turmoil in China; as the Shanghai Composite lost all of its 2015 gains last week. The local currency recorded significant losses against both the Sterling Pound and the Euro, by 0.13% and 0.64% to 149.10 and 111.55. On the regional front, the Kenyan shilling dropped points against the Tanzanian shilling by 0.43% to 21.35 and garnered points against Ugandan shilling by 0.0.3% to 33.56.

Foreign Investor Participation:

The foreign participation increased in comparison to the previous day, accounting for 77.47% of total turnover against 22.53% of local participation. Sell off activities offset buy side, resulting in net outflows worth KES 10.17Mn relative to KES 13.06Mn net inflows on Friday.

Foreign investors accounted for 77.47% of the NSE turnover as compared to 27.60% on Friday. Foreign investors engaged in net accumulative activities, resulting in net outflows worth KES 10.17Mn.

Safaricom Limited (NSE: SCOM) was the day’s highest traded stock, recording a turnover of KES 116.64Mn to account for 33.09% of total market activity and 42.17% of foreign investor activity, followed by Kenya Commercial Bank Limited (NSE: KCB) with a turnover of KES 99.16Mn representing 28.13% of total market activity and 36.31% of foreign investor activity.

Equity Group Holdings Limited (NSE: EQTY) posted the day’s highest net inflows worth KES 3.37Mn and the day’s highest net outflows, worth KES 3.80Mn, were posted by Kenya Commercial Bank Limited (NSE: KCB).