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Shilling Capitalizes on Weakening Dollar Data

BY Soko Directory Team · April 1, 2016 06:04 am

Currency

As the week begun to take shape the shilling lost momentum, shedding points against four of its seven international and regional peers; allowing red to dominate the board. The Kenyan shilling rallied against the US Dollar by 0.19% to close trading at 101.33, after downbeat U.S jobless claims data dominated market sentiment.

Federal Chair’s comment on the global risks to the U.S economy earlier in the wee, coupled with poor data resulted in the greenback hitting fresh 5-month lows against its own basket of currencies. Across the pond, the shilling weakened against the Sterling Pound and Euro, by 0.22% and 0.79%; despite the latter’s economy registering a worse than expected current account (Q4). Better than expected quarterly GDP was a driving force behind the pound’s rally, whereas the 20bps increase in core CPI in Euro zone propped the continents dominating currency.

Foreign Investor Participation

The foreign participation decreased during Thursday’s trading session, accounting for 68.96% of total turnover against 31.04% of local participation. Sell off activities were unable to offset buy side, resulting in net inflows worth KES 143.15Mn as compared to net inflows of KES 26.55Mn on Wednesday.

Foreign investors accounted for 68.96% of the NSE turnover as compared to 75.09% on Wednesday. Foreign investors engaged in net accumulative activities, resulting in net inflows worth KES 143.15Mn.

KenolKobil Limited (NSE: KENO) was the day’s highest traded stock, recording a turnover of KES 73.79Mn to account for 16.00% of total market activity and 23.20% of foreign investor activity, followed by Safaricom Limited (NSE: SCOM) with a turnover of KES 70.37Mn representing 15.26% of total market activity and 22.13% of foreign investor activity.

Kenya Commercial Bank Limited (NSE: KCB) posted the day’s highest net inflows worth KES 34.89Mn and the day’s highest net outflows, worth KES 2.63Mn, were posted by Kenya Airways Limited (NSE: KQ).

Article by Genghis Research.

 

 

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