Secondary market turnover declined slightly from 2.22 billion shillings recorded in Monday’s session to 1.95 billion shillings on Tuesday.
The activity at the course, as per the latest trend, has been propelled by shorter duration bonds that led to some investors keeping off.
The subdued trading was also attributed to a number of investors adopting a wait-and-see approach on the last day of this month’s primary bond sale.
The auction will be held in Wednesday’s auction and results made known in the latter part of the day.
Wednesday trading expectations
Foreign investors accounted for 52.3 percent of Tuesday’s trading activity compared to 68.1 percent recorded on Monday’s session.
They were net buyers in Equity, KenolKobil, Barclays, KPLC and Kenya Re, the same counters they have been bullish on in the previous session.
Net selling activity by foreigners was on Cooperative Bank, EABL, Safaricom, and KCB. On Wednesday, analysts expect activity on the banking counters and SCOM driven by accumulation from foreign investors as the bank counters move lower in prices.
Sugar Imports Decline
Sugar imports in the first four months of the year declined 53.91 percent on a year-to-year basis to 61,516 tons.
The drop in sugar imports was attributed to an excess supply of the commodity in the market since the beginning of the year.
In the month of April, the imports retreated 53.29 percent on a year-to-date basis to 12,071 tons comprising of 2,402 tons of table sugar and 9,669 tons of refined white sugar.