Market turnover came off to 1.72 billion shillings on Thursday from 2.13 billion shillings recorded previously, mainly driven by trades on the long-dated papers.
The central bank stayed out of the market citing a square market. The KES and overnight rate held ground in yesterday’s trading, closing at 101.7 and 3.07 percent respectively.
The T-Bills auction results indicate over-subscription at 161.39 percent of the amount offered. CBK accepted 28.52 billion shillings out of bids received of 38.73 billion shillings. Yields for all tenors declined week-on-week.
There still exists demand on the index counters from both the local and foreign investor fronts.
“We expect this demand if matched by supply, to push prices higher in today’s session,” said analysts from Genghis Capital.
Foreign investors are still on the demand-end of the main movers while remaining dominant in the market.
“We anticipate that the market will persist its slow uptrend into the following week as more investors come back into the market,” they added.