Turnover Ups To 2.12 Billion Shillings on Wednesday

Market turnover increased to 2.12 billion shillings from 1.6 billion shillings recorded previously, mainly driven by trades on the long-dated papers.

The Central Bank of Kenya (CBK) came in to mop up 15 billion shillings with 6-days’ repos citing excess liquidity in the market.

The local unit lost ground in yesterday’s trading to close at 101.7 while the overnight rate averaged 3.07 percent compared to 2.09 percent recorded on Monday, on higher volumes.

Foreign investors continue to be dominant in the market which is expected to hold with trading in the main index counters holding onto the buying side.

“We note that there is demand from the local and foreign investors mainly on the index counters with lacking supply to match,” said analysts from Genghis Capital.

This could see the counters’ prices hold at current levels or edge up slightly till the end of the week. Market analysts say that they anticipate a steady but slow uptrend in the market to continue as 1Q19 unfolds.