Major Indices Still on a Downward Spree as Easter Beckons

The major indices persisted the downtrend since Monday’s trading, posting further losses in Wednesday’s session.

Equity Group Holdings held as the top mover similar to the previous session. The counter accounted for 45.4 percent of total market activity driven by foreign buying interest in the counter for the third consecutive session.

Activity was also on Safaricom, KCB, Cooperative Bank and Kenya Re-Insurance Corporation Ltd. The top five traded counters accounted for 84.0 percent of total NSE activity.

Notably, Kenya Re-Insurance Corporation Limited (NSE: KNRE) was on the top five traded counters’ list for the day on account of increased bearish activity by local investors.

The increased supply on the counter could be attributed to the bad publicity the firm is facing after claims of unfair sacking by its former C.E.O.

Foreign and local investors equalized activity in Wednesday’s session at 50/50. The foreign desk mainly traded in Equity, Safaricom, KCB, Cooperative Bank and Kenya Re-Insurance.

Foreign investors were net buyers on Equity, KCB and EABL while net sellers on Safaricom, Cooperative bank and Kenya Reinsurance Corporation Ltd (NSE: KNRE). Foreign investors turned net buyers in the session for the second session in a row.