Market Turnover Spikes 87.1% As Foreigners Assume Net Selling Position

The market turnover stood at USD 5.09 million, an equivalent to 514.2 million shillings on Tuesday. The turnover was 87.1 percent increase from USD 2.72 million recorded on Monday.

The NSE 20 declined 1.71 percent to close the day on Tuesday at 2749.34 and NASI gained 1.79 percent to close the day at 144.32.

During the session on Thursday, foreign investors assumed a net selling position by accounting for 90.5 percent of total market sales and 71.7 percent of total market purchases.

The participation of the foreign investors at the NSE on Tuesday rose to 81.1 percent of total market activity from 58.4 percent in the previous session.

Activity during the trading session of Tuesday was mostly on Safaricom, KCB Group, Equity Group, and East Africa Breweries Ltd.

Net buying activity was mainly on KCB Group while net selling was mainly on Safaricom, East Africa Breweries Ltd, and Equity Group.

Foreign investors continued their bearish sentiment for the tenth consecutive session with the same trend expected to spill over into Wednesday.

The Kenyan shilling slightly weakened against the US Dollar on Tuesday but remained resilient against the Sterling Pound.

Against the US Dollar, the Kenyan Shilling weakened 0.03 percent to close the day at 100.93. The local currency is, however, still strong by 2.23 percent on a year-to-date basis.

Against the Sterling Pound, the local currency strengthened 0.19 percent to close the day at 132.76, a 4.32 percent strong on a year-to-date basis.

Against the Euro, the shilling weakened 0.33 percent to close the day at 116.89, it is, however, still 5.18 percent strong on a year-to-date basis.

On the East African Community Markets, in Uganda, the USE ALSI and USE LCI dropped 1.00 percent and 0.22 percent respectively to close at 1749.63 and 412.23 respectively while in Rwanda, the RSI and RASI held constant at 131.48 and 131.58 respectively.