Secondary Turnover Holds Steady on Tuesday as Foreigners Rule

Turnover in the secondary market remained steady to close at 2.4 billion shillings during the session on Tuesday.

Demand is still high on the short to medium papers with a liquid market being witnessed with the interbank rate averaging at 3.9478 percent.

The Kenyan shilling appreciated considerably against the U.S. dollar on Tuesday to cross to the 100 level boosted by dollar inflows.

It is expected to trade within a range of 100.70/101.30. The Central Bank of Kenya analysis on Tuesday showed a square market. The regulator stayed out of the money markets.

Foreign investors picked Safaricom after 10 sessions of exiting with the counter. The counter has closed higher for the past three sessions from local investor support.

The sentiment was still bearish on Equity Bank with counter finding support at 47.25 shillings with financial experts expecting investors to continue picking these counters throughout the week as they seem to be bouncing off their support levels.