Foreign Investors Dominate the Session on Tuesday but With Reduced Activity

Foreign investor activity rescinded marginally to account for 60.56 percent of total market activity from 63.31 percent recorded previously.

Activity was mostly in EQTY, SCOM, KCB, East African Breweries Ltd (NSE: EABL) and Nation Media Group Ltd (NSE: NMG) as compared to a session on

Collectively, the counters accounted for 95.06 percent with most of those counters exuding net selling activity.

EQTY recorded the highest day’s net inflows while KCB logged the day’s highest net outflows.

The foreign desk recorded overall net outflows in the session compared to net buying activity in the previous session.

READ: Foreign Investors Activities Dwindle in Thursday’s Session

Equities, on the other hand, posted good performance for the third session in a row with all indices closing in the green in Tuesday’s trading.

Market turnover grew five-fold with the top three traded counters, Equity Group Holdings Plc (NSE: EQTY), KCB Group Ltd (NSE: KCB) and Safaricom Plc (NSE: SCOM) accounting for 76.2 percent of the total market activity.

The three counters exuded more foreign investor activity compared to local investor activity except for Safaricom which portrayed more local investor interest.

“We noted a slight uptick of local investor activity from the previous session who dominated activity in Barclays Bank of Kenya, Cooperative Bank of Kenya Ltd, and NIC Bank,” said analysts from Genghis Capital.

Bonds turnover increased to 4.31 billion shillings on 60 deals in Tuesday’s session from 2.92 billion shillings recorded in the previous session on 37 deals.