Equities Perform Dismally on Wednesday’s Trading

The equity market posted poor performance as all major market indicators closed in the red as turnover dipped by 43.99 percent in Wednesday’s trading session.

Safaricom Limited was the top mover for the day reversing gains made in the previous session to close at 0.96 percent lower at 25.75 shillings. The counter’s performance was dismal despite logging net foreign buys in today’s session similar to the previous trading.

ARM Cement Plc was the second highest traded security with foreign investors hanging onto the sell-side and locals buying; the counter closed 4.0 percent higher from the previous trading.

Foreign investor activity shrank by 14.6 percent to account for 39.6 percent of the total market activity.  The desk bought into Safaricom Plc (NSE: SCOM) for the second day in succession as well as KenolKobil Plc; the two counters logged the highest net inflows.

Foreign investors mostly sold off ARM and Kenya Re-Insurance Corporation Ltd (NSE: KNRE) which the highest net outflows collectively. In overall, the foreign desk recorded net selling activity after briefly displaying net buys in the previous session which had been preceded by net sales for more than 23 sessions in a row.

Bonds turnover contracted to KES 0.94Bn from KES 1.23Bn on 40 deals compared to 33 dealt traded previously.