Market Closes the Week With 1.11 Billion Shilling Turnover

The Market activity picked up in the last session this week with turnover closing at 1.11 billion shillings, this being an increase of 171.4 percent over Monday’s trading with all the major indices closing north.

Foreign investors dominated the session at 59.8 percent of total activity through recording an overall net selling activity (which has been consistent the last twelve sessions in a row). Foreign participation has gradually picked up in the week with selling interest seen in all the top five large cap counters save for Equity Group Holdings Ltd (NSE: EQTY) which has attracted foreign buying activity for the last three consecutive sessions.

There was a major buying interest in Bamburi Cement Ltd (NSE: BAMB) from local investors in the session which pushed the price up 5.88 percent closing at KES. 180.00.

Local investors were speculative traders in the session, responsible for the top gainers and losers in the session with bond turnover closing at 2.18 billion shillings, 4.06 percent higher from the previous session on 24 deals compared to 38 (previously).

The Kenyan shilling, on the other hand, has continued its weakening trend against the US Dollar, the Sterling Pound, and the Euro. Against the US Dollar, the shilling weakened by 1.1 percent, 4.6 percent against the Sterling Pound and 8.0 percent against the Euro.

On the Kenyan Stock Market, the market turnover at the bourse went up 28.5 percent to USD 10.7 million, this being an equivalent of 1,110.3 million shillings from Thursday’s trading.

The NSE 20 and NASI Indices rose 0.31 percent and 0.16 percent to close at 3,623.83 and 154.59 respectively. Foreign investors, on the other hand, assumed a net selling position by accounting for 78.8 percent of total market sales and 40.8 percent of total market purchases.