- Foreign Investors Remain, Net Sellers
Stocks at the Nairobi Securities Exchange rallied week ending May 7 with the NASI, NSE 25, NSE 20 share price indices rising by 2.2 percent, 3.2 percent, and 4.3 percent, respectively on price upturns of banking stocks.
The performance of the NASI was driven by gains recorded by large-cap stocks such as NCBA, Bamburi, KCB, Equity Group, ABSA, and Co-operative Bank of 11.2 percent, 5.8 percent, 5.5 percent, 4.0 percent, 3.8 percent, and 3.6 percent, respectively.
However, the gain was weighed down by declines recorded by large-cap stocks such as SCBK, BAT, EABL, and Safaricom of (1.7%), (1.6%), (1.3%) and (0.5%), respectively observed Cytonn Investments.
Data from the Central Bank of Kenya stated that market capitalization, number of shares traded, and equity turnover rose by 2.2 percent, 0.79 percent, and 60.1 percent, respectively.
Foreign investors remained net sellers for the thirteenth consecutive week, with the net selling position declining by 44.4 percent to USD 3.3 mn, from a net selling position of USD 5.9 mn recorded the previous week.
“The trend reflects the global equity markets with foreign investors disposing of riskier assets in favour of safe havens,” Cytonn says.
On Friday, 15,627,000 shares in 1,190 deals, corresponding to a market value of KSh 645.8 Million were traded. The benchmark NSE 20 Share Index declined 6.52 points to close at 2034.71.
Safaricom recorded the highest volume of 8.4 million traded shares, followed by Equity Group (1.49 Million), KCB Group (1.13 Million), and KPLC (815,800).