East African Breweries Highest Traded Stock

Foreign Investor Participation

The foreign investors accounted for 68.12% of total turnover against 31.88% of local participation. Distributive activities took center-stage, resulting in net outflows worth KES 88.73Mn relative to net inflows worth KES 152.29Mn.

Foreign investors accounted for 68.12% of the total NSE turnover. Foreign investors engaged in net distributive activities, resulting in net outflows worth KES 88.73Mn.

East African Breweries Limited (NSE: EABL) was the day’s highest traded stock, recording a turnover of KES 284.98Mn to account for 30.49% of total market activity and 44.76% of foreign investor activity, followed by Safaricom Limited (NSE: SCOM) which recorded a turnover of KES 121.80Mn representing 13.03% of total market activity and 19.13% of foreign investor activity.

East African Breweries Limited (NSE: EABL) posted the day’s highest net inflows worth KES 29.94Mn and the day’s highest net outflows, worth KES 96.52Mn, were posted by Equity Holdings Limited (NSE: EQTY).

Currency

The Kenyan Shilling has been treading turbulent waters since the beginning of the week, and closed the day’s trading session on a softer note. The USDKES shed another 0.10% after crossing the 100 level the previous week. The weakening of the local unit against the USD has been mainly attributed to some foreign funds selling treasury bonds as yields slipped. Beyond that, poor economic data also added to woes as Kenya’s revenue from its tourism sector dropped 2.87% last year to KES 84.6 billion shillings ($837.21 million).

Nonetheless, on a positive note, we expect the local unit to steady as the week progresses, backed by diminishing dollar demand from corporates and expectations that the Central Bank will intervene in the money market if pressure persists. Meanwhile, the KES also weakened against regional peers, reporting the most significant loss against the Ugandan Shilling (UGX), even though the UGX has been forecasted to trade with a bearish tone over the next one week, undermined by a gradual rebound in greenback purchases by importers.