Turnover Shoots Up To 2 Billion Shillings on Thursday

By Soko Directory Team / November 16, 2018

Turnover shot up to 2 billion shillings in Thursday’s session according to stats compiled by analysts from Genghis Capital.

The spiking of the day’s turnover was mainly buoyed by trades of 10-year tenors where investors are seeing some demand for the same.

The week has been relatively quiet after the auction with speculation rife on a TAP Sale. The liquid environment supported the uptake of T-Bills at the auction with an overall 93.81 percent performance rate.

The Central Bank of Kenya (CBK) accepted 21.60 billion shillings of the 22.52 billion shillings bids received. The Regulator stayed out of the market citing a square market.

The inter-bank rate jumped to an average 3.63 percent although on a narrow band (2.00 – 5.25 percent), unlike the prior session. The Kenyan shilling continued its weakness against the USD to close at 103.23.

What to expect this Friday

As the week comes to an end, market analysts expect market activity to remain subdued with local investors taking a wait-and-see approach while foreign investors continue to trade low volumes on mainly index stocks.

Activity is expected to still be concentrated on the key counters; Safaricom, Equity and KCB. On Safaricom, analysts say that they see support at 24.0 shillings while on KCB, some support is coming in at 38- 39 shillings from the local desk, outweighing supply.

The latter counter exuded more activity in the previous session which could be attributed to better-than-expected 3Q18 results.

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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