Equities Bounce back after a series of Losses

Equities bounced back from the previous session’s losses to post gains in Thursday’s trading as all major indices closed in the green.

Turnover levels were subdued in the session albeit by a small margin while shareholders’ wealth ticked up by 12.01 billion shillings from the previous session.

KCB Group Ltd (NSE: KCB) and Safaricom Plc (NSE: SCOM) were the main movers in the session accounting for 75.3 percent of total turnover.

All the top 5 movers in the session were driven by foreign investor interest except for Barclays Bank of Kenya Plc (NSE: BBK) which elicited local investor interest.

Foreign investor activity increased during today’s trading to account for 58.54 percent of total market activity from 43.20 percent recorded previously.

KCB Group Ltd (NSE: KCB) was the most traded counter by the desk recording the highest net inflows followed by Safaricom Plc (NSE: SCOM).

“We noted that the desk continued to sell off Barclays Bank of Kenya Ltd (NSE: BBK) recording the session’s highest net outflows,” noted analysts from Genghis Capital

On the overall, foreign investors were net buyers in the session for the second consecutive session after a three-session net selling streak.

The bond turnover retreated to 0.71 billion shillings (-44.91%) from 1.29 billion shillings on 30 deals compared to 29 deals in the previous session.