Foreign Investors at Nairobi Bourse Turn Net Sellers for Fifth Week  

Nairobi Securities Market’s Momentum Still Negative, Its 3rd Week

Image I Courtesy NSE

Foreign investors at the Nairobi Securities Exchange (NSE) made net sales for the fifth consecutive week ended November 8th,2019.

Market data compiled by Genghis Capital shows the investors sold a net of Ksh 614Mn compared to Ksh 76.4Mn in the previous week.

“Net buying activity was largely on KCB Group and COOP Bank while net selling activity was on Safaricom and Equity Group,” said Genghis Capital Analysts with anticipation that activity will remain on the index counters with a fairly balanced market between local and the foreign investors in the week.

During the week, the equities market was on a downward trend with NASI, NSE 20 and NSE 25 declining by 2.0%, 0.6%, and 3.0%, respectively, taking their YTD performance to gains/losses of 14.6%, (4.1%) and 11.4%, for NASI, NSE 20 and NSE 25, respectively.

Market activity continued being strong, posting a turnover of KSh 6.0Bn compared to a turnover of Ksh 7.4Bn in the prior week. Trading activity was mainly on large caps, Safaricom, Equity Group, KCB Group, Diamond Trust Bank and COOP Bank.

NCBA Group, KCB Group, Barclays Bank of Kenya and Standard Chartered Bank recorded losses of 11.7%, 6.3%, 5.9% and 5.8%, respectively.

Kenya Shilling

During the week, the Kenya Shilling appreciated by 0.5% against the US Dollar to close at Kshs 102.8 from 103.3 recorded in the previous week. 

The appreciation was attributed to positive investor sentiment owing to the repeal of interest cap during the week.