Foreign Investor Participation Accounts for 69 Percent of Total turnover

Foreign Investor Participation

The foreign participation edged upwards during Wednesday’s trading session, accounting for 69.11% of total turnover against 30.89% of local participation. Sell off activities offset buy side, resulting in net outflows worth KES 94.34Mn relative to KES 41.72Mn net outflows on Tuesday.

Foreign investors accounted for 25.5% of the NSE turnover as compared to 74.17% on Tuesday. Foreign investors engaged in net distributive activities, resulting in net outflows worth KES 94.34Mn.

Bamburi Cement (NSE: BAMB) was the day’s highest traded stock, recording a turnover of KES 161.72Mn to account for 25.41% of total market activity and 36.76% of foreign investor activity, followed by Kenya Commercial Bank Limited (NSE: KCB) with a turnover of KES 77.48Mn representing 16.17% of total market activity and 23.40% of foreign investor activity.

The Co-operative Bank Limited (NSE: COOP) posted the day’s highest net inflows worth KES 3.32Mn and the day’s highest net outflows, worth KES 72.34Mn, were posted by Bamburi Cement (NSE: BAMB)

Currency

Shilling Advances on GBP on poor UK Wage Growth

Wednesday’s trading session saw the Kenyan shilling extend gains against all but one of its major international and regional peers. The local unit advanced marginally against the US Dollar (USD) by 0.03% settling at 101.8 as traders await the release of the US Federal Reserve Bank’s minutes from its January meeting. Further gains were posted against the Euro (EUR) by 0.04% as investors continue to digest the dovish sentiments of ECB President Mario Draghi, of possible further easing measures. The day’s most significant gains against the local unit were lodged against the Sterling Pound (GBP) by 1.01% to 145.77 as UK wage growth slowed, delaying the prospect of an interest rate hike. On the regional front, the shilling gained by 0.11% and 0.03% against the Ugandan Shilling (UGX) and the Tanzanian shilling (TZS) respectively.

Original article here.