After a brutal week of selling, foreign investors swung back to net buying at the Nairobi Securities Exchange in the week ended September 25, 2026.
Data from Standard Investment Bank (SIB) shows foreigners were net buyers to the tune of USD596,700. A week earlier, they had pulled out USD19 million. That’s a swing of roughly USD19.6 million in just seven days.
The turnaround came as the market bounced back from September’s sharp correction. The NASI climbed 4.1 percent, while the NSE 20 added 4.8 percent, the NSE 25 gained 5.1 percent and the NSE 10 jumped 5.6 percent. Foreign participation rose to 30.1 percent of trades, up from 23.7 percent the week before.
Equity leads the buying
Equity Group was the top pick among foreign buyers. The lender also dominated trading overall, taking 23.2 percent of total turnover, and its share price rose 8.6 percent to KSh107.
KCB Group gained 7.5 percent to close at KSh93.50, and I&M Holdings added 5.9 percent to KSh85. The NSE’s own stock rose 8.1 percent. Large banks, in short, were recovering from the earlier sell-off, and foreign money followed.
Safaricom on the other side
Safaricom was the biggest foreign sell, according to SIB. Even so, its price rose 3.3 percent to KSh36.45. That’s a useful reminder that heavy foreign selling doesn’t always drag a stock down. If other investors are willing to take up the shares on offer, the price can still go up.
The weekly figures don’t say why foreigners came back, and it would be a stretch to claim they all changed strategy for one reason. What we can say is that the shift in flows lined up with the broader price recovery.
The week before was rough. The NASI fell 2.5 percent; foreigners were net sellers by USD19 million and turnover hit USD72.3 million. EABL led the foreign selling that week, while the NSE led the buying.
Total market activity dropped to USD35.8 million from USD72.3 million, a fall of 50.5 percent. So, foreigners returned to net buying in a market with roughly half the trading volume.
Whether this marks a real change in foreign appetite or just a short-lived bounce will only become clear in the coming weeks.
Whether foreign participation holds above the recent 23.7 to 30.1 percent range, whether large bank stocks keep attracting demand, and whether Safaricom stays a major source of foreign selling.
Read Also: Karakuta Fresh Produce Sets Sights on NSE Listing to Unlock Growth and Investor Participation