Foreign Investors Account for 52.41 percent of Total Turnover on Thursday

Equities

Foreign investors accounted for 52.41 percent of total turnover against 47.59 percent of local participation at the NSE on Thursday.

Accumulative activities took center-stage, resulting in net inflows worth 351.07 million shillings relative to net inflows worth 149.55 million shillings on Wednesday. Foreign investors accounted for 52.41 percent of the total NSE turnover.

Safaricom Limited (NSE: SCOM) which recorded a turnover of 287.50 million shillings representing 28.47 percent activity and 54.33 percent of foreign investor activity, followed by Kenya Commercial Bank Limited (NSE: KCB) was the day’s highest traded stock, recording a turnover of 185.65 million shillings to account for 18.33 percent of total market activity and 35.06 percent of foreign investor activity.

Kenya Commercial Bank Limited (NSE: KCB) posted the day’s highest net inflows worth 184.85 million and the day’s highest net outflows, worth 1.53 million shillings, were posted by the Nation Media Group Limited (NSE: NMG).

On Thursday, market sentiment was dominated by significant economic data emanating from the three major currency comparable- the Euro, United States and the United Kingdom. The Kenyan shilling rallied against the first two, reflective of the negative data released – but furthered shedding against the Sterling Pound, erasing gains realized the week before.

Currencies

The USDKES pair strengthened by 0.07 percent, as the dollar held near 7-week lows against its own basket of currencies; partly attributable to minutes that showed policymaker’s bias against raising interest rates, from July’s meeting.

Despite the committee being upbeat about the U.S. economic outlook, they believed a slowdown in future pace of hiring would argue against a near-term hike. The Euro produced a lower than expected consumer price index resulting in the local currency rallying by 0.05 percent; further exacerbated by the ECB minutes being published. The shilling weakened against the Sterling Pound, by 0.26 percent to close trading at 131.97; attributable to a better-than expected retail sales, emphasizing the economic recovery predicted.