Market Turnover Down By 8.85 Percent as Foreigners Dominate Thursday’s Session

The market turnover at the bourse closed at 881.124 million shillings down by 8.85 percent from Wednesday’s session with the major indices trending north.

Safaricom Ltd maintained the position as the highest mover at the NSE with economic analysts, Genghis, noting that the Telco’s heavy trading in the last three sessions (consecutively) with most activity being selling interest owed to profit-taking by investors.

Block-trading was observed across all the top five traded counters with the new kid on the list, Centum Investment Co. Plc rallying 2.6 percent in the session. This movement was as a result of a foreign sale to a local investor.

Foreign investors dominated Thursday’s session accounting for 68.55 percent of the market, with buying an interest in Stanbic Holdings Plc. for the second day in a row- and selling off Safaricom Ltd, KCB Group Holdings, and Equity Group Holdings Ltd.

Foreign sell-off of the large-cap stocks has been consistent in the last four sessions in a row with foreign investors remaining net sellers for the past nine sessions in a row.

Kenya Airways Ltd and National Bank of Kenya Ltd were the top gainers in the session owing to high speculative activity and economic analysts expect sustained movement is the counters in subsequent sessions.

Turnover rebounded 99.29 percent to 3.65 billion shillings from the previous session on 58 deals compared to 29 (previously)