KCB Dominates Market Turnover As Sameer Emerges As The Best Performer

In a session marked by broad-based losses, all four benchmark indices at the Nairobi Securities Exchange closed in the red, a sign of growing investor caution.

The NSE All Share Index (NASI) declined by 0.8%, the NSE 10 fell by 0.7%, while the NSE 20 and NSE 25 slipped by 0.6% and 0.9%, respectively. These drops, though not dramatic, suggest a slow erosion of investor confidence, particularly against the backdrop of sustained foreign capital flight.

Despite the decline in index levels, the market experienced a notable uptick in activity. Turnover increased by 24.8% to settle at USD 2.2 million, implying heightened investor participation, particularly in a few key counters. This paradox of increased trading volume amid falling prices points to a market dominated by profit-taking and foreign exits rather than bullish accumulation. Interestingly, local investor activity dropped slightly to 50.9%, down from 54.9% the previous day, signaling a cautious stance by domestic players.

Read Also: Dear Entrepreneur, Here Is What To Look For When Investing In Stock Market

KCB Group emerged as the session’s focal point, accounting for an eye-popping 57.8% of total turnover. Despite this dominance, the stock’s price edged up only modestly by 0.8% to KES 38.30, a sign that the bulk of the action was driven by large-volume exits rather than optimistic new entries. Notably, foreign investors were behind much of this movement, liquidating positions likely in response to valuation concerns or shifting risk appetites.

Equity Group and DTB both slipped by 1.0%, closing at KES 44.10 and KES 72.00, respectively. Equity Group, in particular, bore the brunt of foreign selloffs, further validating the observation that investor sentiment, especially among foreign funds, is turning more bearish on Kenyan financial stocks. StanChart, on the other hand, managed to eke out a 0.2% gain, closing at a solid KES 300.00, possibly benefiting from its relative insulation from the current volatility.

Among the large caps, Safaricom and BAT also recorded minor declines, down 0.6% and 0.4% respectively. Safaricom’s softening to KES 17.35 reflects investor skepticism about the telco’s near-term growth prospects in an increasingly competitive landscape. BAT’s dip to KES 370.75 is modest but consistent with the slow downward grind experienced across blue chips, perhaps signaling sector-wide valuation compression.

The day’s best performer was Sameer Africa, which surged by 9.9% to close at KES 3.32. This remarkable rally was likely speculative, as there has been no fundamental news to justify such a spike. WPP Scangroup, conversely, was the session’s worst performer, falling 7.5% to close at KES 3.08. The advertising giant continues to be haunted by profitability concerns, especially amid broader market aversion to mid-cap counters.

BK Group’s 3.0% drop to a 31-week low of KES 32.00 is both technically and psychologically significant. A decline to such levels hints at eroded investor confidence in the regional banking play, particularly as dividend yields and earnings visibility come into question. The price action here could have broader implications for cross-listed stocks that are usually seen as relatively stable.

I&M Bank’s upcoming dividend book closure date of 16th April 2025 offers a bright spot in the otherwise gloomy market. The final dividend of KES 1.70 may attract income-focused investors, especially locals seeking shelter in dividend-yielding stocks amid foreign exits and currency volatility. This could support the stock in the near term and provide some defensive ballast in upcoming sessions.

Foreign investor flows remained deeply negative, marking the fifth consecutive day of net outflows, totaling USD 1.0 million. Equity Group led the exodus, while KCB Group surprisingly emerged as a buying favorite despite the macro clouds. This divergence highlights the nuanced approach foreign funds are taking—rotating out of some names while selectively accumulating others based on valuation floors or technical triggers.

Today’s session tells the story of a market under pressure but not without silver linings. The rising turnover, continued dominance of local investors, and a few selective gains hint at the resilience bubbling beneath the surface. However, until the foreign selloff abates and broader sentiment improves, the NSE may continue to grind lower. Strategic investors should watch for value in high-dividend counters and keep a keen eye on index levels for signs of capitulation or reversal.

Read Also: The NSE Saw A Mixed Market With Foreign Net Outflows Taking Centre Stage