November saw the equities market register mixed performance where NASI and NSE 25 gained as NSE 20 dropped.
NASI and NSE 25 gained by 1.2 and 2.5 percent respectively while NSE 20 declined by 0.5 percent, taking their YTD performance as at the end of November to declines of 14.7, 24.6, and 14.1 percent, for NASI, NSE 20 and NSE 25, respectively.
The gains made by BAT, East Africa Breweries Limited (EABL), Standard Chartered Bank of Kenya Ltd, Cooperative Bank Kenya and KCB Group, of 9.3, 8.6, 3.8, 3.5 and 3.3 percent, respectively influenced the market’s performance.
However, over the past week, the equities market was on an upward trend with NASI, NSE 20 and NSE 25 gaining by 1.4, 1.3, and 2.2 percent, respectively. The performance was attributed to gains in counters such as East Africa Breweries Limited (EABL), BAT and Co-operative Bank, which gained by 15.2, 9.3, and 4.2 percent, respectively.
Equities turnover declined by 39.7 percent during the month to 100.7 million US Dollars from 167.1 million dollars in October, taking the YTD turnover to 1.7 billion dollars.
For the week, equities turnover rose by 89.6 percent to 31.0 million dollars from 16.3 million dollars in the previous week with foreign investors turning net sellers.
The foreign investors registered a net selling position of 2.3 million dollars from a net buying position of 1.1 million dollars the previous week.
On the other hand, foreign investors in November remained net sellers with the net selling position declining by 86.4 percent m/m to 5.9 million dollars from 43.2 million dollars in October.
According to Cytonn Report, the market should remain subdued in the near-term as international investors exit the broader emerging markets due to the expectation of rising US interest rates coupled with the strengthening of the US Dollar.