Bond Turnover Closes at 1.84 Billion Shillings, 33.4Pc Lower from Monday’s Session

By Amina Faki,

The market activity picked up in the last session yesterday with market turnover closing at 432.9 million shillings up 9.6 percent from 394.8 million shillings Monday’s trading.

Foreign investors assumed a net buying position by accounting for 84.8 percent of total market purchases and 62.1 percent of total market sales. Foreign participation held at 73 percent of total market activity with buying interest on Equity Group Holdings Ltd (NSE: EQTY), Centum Investment Plc (NSE: ICDC) and Safaricom Ltd (NSE: SCOM). Selling interest inclined towards Umeme Ltd. (NSE: UMEM) and East African Breweries Ltd. (NSE: EABL). Overall, foreign investors were net buyers with 15.4 percent in Tuesday’s session.

Equities slid by an average of 0.6 percent for the second session on a higher turnover increase of 9.6 percent, with the majority of activity from the foreign desk accounting for 73 percent, dominating the market for the second day.

The large caps regained a top trading spot on Tuesday, with Safaricom Ltd. (NSE: SCOM) holding as the favorite counter, unchanged in price 23 shillings. Notably, bullish sentiment in Equity Group Holdings (NSE: EQTY) continues with a foreign net inflow of 32 million shillings yesterday, despite price easing 0f 0.7 percent.

The Co-operative Bank of Kenya Ltd. (NSE: COOP) continued its downtrend, following books closure yesterday. The counter is trading 20.4 percent off its two-week high.

On the stock market, bond turnover closed at 1.84 billion shillings, 33.4 percent lower from the previous session on 43 deals compared to 41 deals previously.

The Kenya shilling, on the other hand, has continued weakening against three major global currencies, the US dollar, the sterling pound and the euro by 1.3 percent, 7.1 percent, and 10.0 percent respectively.

The NSE 20 and NASI indices lost 0.64 percent and 0.49 percent to close at 3560.51 million shillings and 151.88 million shillings respectively, while foreign investors a net buying position by accounting for 84.8 percent of total market purchases.