Kenyan Shilling Returns to 102 Mark

Currency

As the week took shape the Kenyan shilling followed suit, reversing losses against two of its international comparables; to register four currency appreciations. The shilling reversed losses against the US Dollar, shedding 0.22% back to the 102 mark; despite positive sentiment emanating from the IMF debt talks. The international monetary body discussed a larger credit facility with wider access, than the already mounting USD 680Mn. The local currency gained 1.29% against the British Pound, to close trading at 1.29%, while shedding 0.69% against the Euro to close at 115.40. The regional front produced similar mixed results, as the shilling gained against the Tanzanian shilling by 0.07% and shed 0.26% against the Ugandan shilling.

Foreign Investor Participation

The foreign participation extended during Thursday’s trading session, accounting for 50.46% of total turnover against 49.54% of local participation. Sell off activities were unable to offset buy side, resulting in net inflows worth KES 5.70Mn relative to KES 8.27Mn net outflows on Wednesday.

Foreign investors accounted for 50.49% of the NSE turnover as compared to 46.87% on Tuesday.
Foreign investors engaged in net distribution activities, resulting in net outflows worth KES 5.70Mn.

Safaricom Limited (NSE: SCOM) was the day’s highest traded stock, recording a turnover of KES 93.71Mn to account for 19.64% of total market activity and 38.91% of foreign investor activity, followed by East Africa Breweries Limited (NSE: EABL) with a turnover of KES 48.89Mn representing 10.25% of total market activity and 20.30% of foreign investor

Kenya Commercial Bank Limited (NSE: KCB) posted the day’s highest net inflows worth KES 24.44Mn and the day’s highest net outflows, worth KES 24.21Mn, were posted by Safaricom Limited (NSE: SCOM).

Research by Genghis Research.