Equities Slump on Thursday After Two Gaining Sessions

Equities broke a two-session gaining trend to post losses with all major indices closing lower in Thursday’s session from the previous day’s trading.

Turnover inched up by 8.3 percent to 0.99 billion shillings with activity mainly driven by banking sector counters and Safaricom Plc.

KCB Group Ltd shed 2.03 percent in the session following the release of its FY17 financials where it posted flat growth compared to FY16. Local investors moved volumes on the counter, with an overall selling sentiment.

The other banks in the top movers’ list, Equity, DTK, and COOP elicited interest from both local and foreign investors. The top five traded counters accounted for 84.8 percent of total market turnover.

Foreign investors reduced activity in the session, accounting for 47.02 percent of total market turnover compared to the previous session’s 51.89 percent.

The desk mainly bought Equity Group Holdings Plc, WPP Scangroup Ltd, and British American Tobacco Kenya Ltd.

Additionally, foreign investors were mainly selling out of SCOM, KCB, and EABL. On overall, the desk recorded net foreign outflows in the session breaking a three-session net buying streak.

Bonds turnover increased to 2.78 billion shillings on 67 deals from 1.89 billion shillings on 48 deals in the previous session.