Markets Warmed Up To Christmas, Edging Upward By 56.1%

Bears drove the market evinced by the downturn on all benchmark indices likely as some investors lightened up their positions ahead of the year-end as well as seeking liquidity for the holiday season.

The NASI, N10, NSE 20, and NSE 25 sustained losses, retreating 1.1%w/w, 0.7%w/w, 0.2%w/w, and 0.5%w/w respectively.

Market activity edged upward by 56.1%w/w to USD 5.0m from USD 3.2m in the prior four-day trading week. Safaricom held its top mover position accounting for 56.4% of the week’s turnover. The telco shed 3.9%w/w to KES 13.55 on profit taking by investors.

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The counter gravitated to a position of relative stability towards the tail end of the week – breaking a six-session bear run.

Equity Group extended its losing streak for the second consecutive week, shedding 4.8%w/w to KES 34.00 – the lowest since 13th October 2022 while KCB Group printed double-digit gains to KES 21.85, +14.4%w/w. The counter however broke its 4-session relief rally on the last trading day.

EABL gained 2.7%w/w to KES 114.00 in part attributable to its 5.6% gain on Friday breaking a seven-day bear run that saw the counter print an all-time low of KES 108.00. BOC was a surprise top mover on a USD 258.1K turnover print. The counter however shed 3.0%w/w on foreign exits.

Foreign investors remained net sellers for the fourth consecutive week, recording net outflows of USD 968.9K – 35.5% lower w/w. Safaricom led the selling charge while KCB Group led the buying charge. Foreign investor participation rose to 67.3% from 36.6% in the prior week.

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