Turnover Declines by 52% as Month Comes to an End

Secondary market turnover declined 52.75 percent in Wednesday’s session to 1.96 billion shillings according to a daily report from Genghis Capital.

Trading was buoyed by trades on short-term paper and infrastructure bonds. Demand has been high on the short-term papers but supply has been limited.

“We expect a quiet session in the day (Thursday) being the last day of the month coupled with tomorrow’s (Friday) public holiday,” said Genghis.

Liquidity in the market has been improving as seen with the gradual drop in the interbank rate which touched 4.7408 percent.

US Dollar to Kenyan Shillings pair improved marginally to close at 101.53 on subdued dollar demand.

Foreign investors were net sellers in Wednesday’s session exiting Safaricom, EABL, Equity, and KCB.

The market had subdued activity with turnover declining 18.5 percent from the previous activity.

“We expect this sentiment to extend today ahead of Friday’s holiday break.”