Market Activity at Kenyan Bourse Rose 35.pc on Wednesday

Market turnover at bourse recorded a 35.1 percent increase to Ksh1,138.66 million  from the previous trading on Tuesday while all the major indices closed in the south.

“This follows a five session uptrend which persisted after the country went to the polls the previous week (week 32) where we saw the indices touch a two year high on 14th August 2017.,” according to Genghis Capital.

NSE 20 and NASI indices declined 1.09 percent and 1.14 percent  to close at 4,069.34 and 166.79 respectively.

Foreign investors assumed a net selling position by accounting for 64.9 percent of total market sales and 42.9 percent of total market purchases compared to yesterday’s 54.0 percent  for the fifth trading session in a row.

Safaricom Ltd (NSE: SCOM) held as the top traded counter followed by KCB Group Ltd (NSE: KCB), Equity Group Holdings Plc (NSE: EQTY), Cooperative Bank of Kenya Ltd (NSE: COOP) and KenGen Co. Ltd (NSE: KEGN).

All five counters closed on lower price from yesterday’s trading except COOP which rallied 0.29 percent to close at KES 17.55. Foreign investors were the force behind movements in SCOM, COOP and KEGN after trading blocks on the counters.

“Foreign activity inclined towards SCOM, KCB and EQTY as foreigners exited the counters save for KCB where they hang onto the buying side logging net inflows of KES 20.56Mn. Other bullish activity from the desk was observed in KEGN and KenolKobil Ltd (NSE: KENO) which recorded the highest net inflows for the day valued at KES 26.11Mn (collectively),” observed the analysts.