Stock Market Turnover Rises 89.1pc Dominated by Foreign Investors

Kenyan stocks retreated on Wednesday with all the major indicators closing in the red on lower turnover.

“The top five accounted for 89.1 percent of total market turnover driven mainly by foreign activity on the counters,” said Genghis Capital Analysts.

Foreign investors dominated activity in the market, accounting for 84.8 percent of total activity, lower from 86.3 percent recorded on Tuesday.

Activity inclined towards Safaricom Plc (NSE: SCOM) which took the lion’s share at 43.6 percent of the desk’s activity, exuding net selling sentiment.

Jubilee Holdings Ltd (NSE: JUB) recorded the day’s highest net foreign inflows while KCB Group Ltd (NSE: KCB)  logged the highest foreign outflows reversing bullish sentiment observed in the previous session from the desk.

Bond turnover declined to KES 1.09 (-18.3 percent) from KES 1.33Bn on 23 deals compared to 38 deals in the previous session.

Source: Genghis Capital Analysts.