Local Investors control the Kenyan market as Equities become bearish
Equities retreated after trending for the last 11 sessions. Activity picked up marginally by 16.2%, to trade KES 899Mn.
The broad NASI inched slightly higher, 3bps while NSE-20 and NSE-25 inched down by between 2 and 10bps. Activity concentrated on KCB Group Ltd (NSE: KCB), the top mover, Safaricom Ltd (NSE: SCOM), Equity Group Holdings Ltd (NSE: EQTY), Bamburi Cement Ltd (NSE: BAMB) and East African Breweries Ltd (NSE: EABL).
Except KCB, the others closed unchanged in price (SCOM, EQTY) or slightly lower (BAMB, EABL).
Local investors, for the second day controlled the market, at 62% of the day’s activity from yesterday’s 71%.
Top of foreigners trading were exits from BAT, Barclays Bank of Kenya (NSE: BBK), KenGen Co Ltd (NSE: KEGN) and Kenya Reinsurance Co (NSE: KNRE).
For the second session, foreign buys continued on SCOM and KCB, while EABL joined the buy list today. Overall, foreign positions exited the market (-15.8%).
Bond turnover closed 66.4% higher from the previous session at KES. 1.01Bn, on 24 deals compared to 33 (previously).
About Steve Biko Wafula
Steve Biko is the CEO OF Soko Directory and the founder of Hidalgo Group of Companies. Steve is currently developing his career in law, finance, entrepreneurship and digital consultancy; and has been implementing consultancy assignments for client organizations comprising of trainings besides capacity building in entrepreneurial matters.He can be reached on: +254 20 510 1124 or Email: info@sokodirectory.com
