NSE Market Sheds 1.8% as Foreign Investors Pull Out KSh1.2 Billion

Kenya’s equities market recorded losses across its major indices in the week ended October 16, 2026, as foreign investors offloaded shares worth approximately USD 9.5 million (about KSh1.2 billion), with Equity Group, KCB Group and Safaricom among the stocks attracting significant selling pressure.

According to the latest Kenya Weekly Market Wrap by Standard Investment Bank (SIB), the Nairobi All Share Index (NASI) declined by 1.8 per cent week-on-week to 240.50 points, reflecting a broad retreat in share prices at the Nairobi Securities Exchange (NSE).

The NSE 10 index posted the steepest decline among the four major indices tracked in the report, falling 2.1 per cent to 2,678.19 points. The NSE 25 dropped 1.9 per cent to 6,828.77 points, while the NSE 20 declined by 1.5 per cent to 4,249.24 points.

Despite the weekly losses, the market remained significantly higher than it was at the beginning of the year. NASI had gained 28.9 per cent year-to-date, while the NSE 10 was up 36.3 per cent. The NSE 20 and NSE 25 had risen by 35.4 per cent and 34 per cent, respectively.

Trading activity strengthened during the week, with equity turnover increasing by 63 per cent to USD 24.6 million, indicating higher participation even as share prices weakened.

Equity Group emerged as the most actively traded counter, accounting for 24.4 per cent of total market turnover. However, its share price fell 3.8 per cent to KSh100, while foreign investors recorded net outflows of approximately USD 4.73 million from the banking group.

KCB Group was another major source of foreign investor outflows, recording approximately USD 2.61 million in net outflows. Its share price declined marginally by 0.3 per cent to KSh89.50.

Safaricom recorded a 2.4 per cent weekly decline to KSh34.90, accompanied by foreign net outflows of approximately USD 1.25 million. Diamond Trust Bank and Standard Chartered Bank Kenya also recorded net foreign outflows of USD473,800 and USD271,900, respectively.

SIB reported that foreign investor activity increased to 30.2 per cent of market activity, compared with 23.7 per cent in the preceding week. The increased participation came alongside net selling, suggesting that foreign investors were more active in the market while reducing their exposure to selected counters.

Kenya Power, meanwhile, led foreign investor buying, attracting net inflows of approximately USD84,200. Other stocks recording foreign net inflows included Car & General, Williamson Tea Kenya, Unga Group and Home Afrika.

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Express Kenya leads weekly gainers

Express Kenya was the best-performing stock during the week, gaining 5.6 per cent to close at KSh7.54. The counter was followed by Nairobi Business Ventures, which rose 3.9 per cent to KSh1.32, and Kenya Airways, which advanced 3.1 per cent to KSh5.94.

Olympia Capital Holdings gained 2.2 per cent to KSh7.50, while Sasini rose 1.3 per cent to KSh23.95.

On the losing side, Uchumi Supermarket registered the largest decline, shedding 7.9 per cent to close at KSh1.29. Longhorn Kenya fell 6.5 per cent to KSh2.61, while Sanlam Kenya declined 6.1 per cent to KSh10. Kenya Re-Insurance Corporation dropped 5.7 per cent to KSh4.14.

The declines came despite strong year-to-date performances by several counters. I&M Holdings, for instance, remained among the strongest performers in the banking sector, with its share price up 100.2 per cent since the beginning of 2026, even after a 2.9 per cent weekly decline to KSh85.

Car & General maintained its position as the NSE’s leading year-to-date gainer among the stocks highlighted by SIB, with an increase of 441.2 per cent, despite a 1.5 per cent drop during the week to KSh276.

Other notable year-to-date performers included Africa Mega Agricorp, up 356.4 per cent, Britam Holdings, up 101.6 per cent, and Shri Krishana Overseas, up 99.8 per cent.

The contrasting weekly and year-to-date figures underline the extent of gains recorded across selected counters earlier in the year, even as investors reassessed positions during the latest trading period.

Fuel prices rise as global oil costs increase

Away from the equities market, the report highlighted an increase in domestic fuel prices following the latest review by the Energy and Petroleum Regulatory Authority (EPRA).

For the October/November 2026 pricing cycle, the maximum retail price of Super Petrol increased by KSh12.93 per litre, diesel by KSh9.90 and kerosene by KSh28.49.

In Nairobi, Super Petrol was set to retail at KSh226.96 per litre, diesel at KSh227.76 and kerosene at KSh219.87.

The price increases followed higher international petroleum product prices amid continuing tensions in the Middle East. SIB noted that between August and September 2026, international benchmark prices rose across all three major petroleum products.

Super Petrol benchmark prices increased by 16.6 per cent to USD1,300.65 per metric tonne. Diesel rose by 10.1 per cent to USD