Foreign Investors Account For 73.09 Percent During Thursday’s Trading

Foreign investors accounted for 73.09 percent of total turnover against 26.91 percent of local participation at the NSE during the Thursday’s trading.

Accumulative activities took center-stage, resulting in net inflows worth 52.69 million shillings relative to net inflows worth 19.69 million shillings on Wednesday.

Safaricom Limited (NSE: SCOM) recorded a turnover of 187.67 million shillings, representing 58.90 percent of total activity and 80.59 percent of foreign investor activity; as the day’s highest traded stock.

Equity Group Holdings Limited (NSE: EQTY) came second, recording a turnover of 26.73 million; to account for 8.39 percent of total market activity and 11.48 percent of foreign investor activity.

Safaricom Limited (NSE: SCOM) on the other hand posted the day’s highest net inflows worth 35.50 million shillings. The day’s highest net outflows, worth 0.38 million shillings, was posted by Equity Group Holdings Limited (NSE: EQTY).

In other news concerning the Kenyan Shilling, the currency snapped its positive streak against a basket of seven international and regional currency peers.

Against the US dollar, the local currency succumbed to the continued dollar demand from importers and multinational companies. The shilling’s 0.14 percent decline against the US dollar was recorded albeit a dearth in US President-elect Donald Trump trade policy details in his first news conference since his November 8th victory. The greenback has been boosted by expectation of US fiscal spending and tax cuts by the incoming administration.

Across the pond, the shilling retreated by 1.63 percent and 1.73 percent against the British pound and Euro currency (respectively). The Euro’s strength was bolstered by minutes from European Central Bank’s last meeting which indicated that a number of policymakers had not backed an extension of the bond buying program.

The European Central Bank scaled down its monthly bond purchase program in December to EUR 60Bn from EUR 80Bn. The pound was uplifted with the economic news released in the previous session that showed an expansion in industrial and manufacturing production.

On the regional front, the shilling wiped off 2.49 percent and 0.33 percent against the South African rand and the Ugandan shilling (respectively). The Ugandan shilling was boosted by commodity export inflows coupled with local unit beefing by corporates ahead of tax payments.

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