Stock market gains as NSE 20 drops due to low turnover

The Kenyan stock market on Wednesday displayed varied performance in the session with the All Share Index (NASI) and the NSE 25 closing higher as the NSE 20 shed from the previous session on lower turnover.

Safaricom Ltd (NSE: SCOM) continued to top the day’s heavy movers’ list accounting for 56.2 percent. Centum Investments Plc (NSE: ICDC) was on the top traded list having exuded interest from the local desk on unchanged price.

Foreign investor participation retreated by 18.7 percent in Wednesday’s session to account for 51.92 percent of total market activity.

The desk continued to mainly sell-off Safaricom Ltd (NSE: SCOM) in the session and in addition, Equity Group Holdings Plc (NSE: EQTY), Bamburi Cement Ltd (NSE: BAMB) and KenolKobil Ltd (NSE: KENO) while sustained buying activity was seen in KCB Group Plc (KCB), which was the main foreign-bought counter.

In overall, foreign investors were net sellers in the session and in the past 22 successive sessions.

Bonds turnover closed the session on higher turnover (+66.57 percent) at KES 1.63Bn on 33 deals compared to 43 deals traded previously.