Safaricom Posts a Net Sell of 78.2 Million Shillings on Friday

By Amina Faki

Major interest was in the dominant mobile network, Safaricom Ltd (NSE: SCOM), which reversed Thursday’s accumulation, to post net selling of 78.2 million shillings.

Equities turnover slumped 69.6 percent in the day, with yesterday’s uptrend in benchmarks maintaining their trajectory. Foreigners came back on Friday, mostly focusing on the Telco and the banking sector.

Foreign investors controlled 74 percent of the day’s market activity. Foreign investors assumed a net selling position by accounting for 81.7 percent of total market sales and 66.3 percent of total market purchases.

In the banking sector, foreigners accumulated KCB Group Ltd. (NSE: KCB) and Standard Chartered Bank Kenya Ltd (NSE: SCBK), and exited The Co-operative Bank of Kenya Ltd (NSE: COOP). Crown Paints Kenya Ltd. (NSE: BERG) continued in its intermittent buying interest from the foreign side. Overall, foreigners were net sellers (-10.4 percent) during the day.

Market turnover at the bourse recorded a 69.6 percent drop to 9.17 million US dollars amounting to 952.0 million shillings from yesterday’s trading. Hence, bond turnover closed at 1.1 billion shillings, 46.8 percent lower from the previous session, on 82 deals compared to 55 (previously).

NSE 20 and NASI indices went up 0.66 percent and 0.49 percent to close at 3,604.06 million shillings and 152.24 million shillings respectively.

The Kenya shilling on the other hand, slightly depreciated against the dollar, sterling pound and the euro by 1.32 percent, 7.10 percent and 10.53 percent year-to-date respectively.