The Nairobi Securities Exchange on Monday sustained its bearish run registering a 78 percent decline in turnover compared to Friday’s session.
According to the Standard Investment Bank, the NSE 20 -0.6%, NASI -1.4%, NSE 25 -1.0%, value traded Ksh 202.5 million (USD 1.9m) with 9,766,600 shares in 1,148 deals.
On Friday, 41,799,700 shares in 1,274 deals, corresponding to a market value of Ksh 937.7, were traded.
The benchmark indices started the week on a losing note, mainly on price dips on a majority of the large caps; the NASI was the leading loser, down 1.4%, with the NSE 25 and NSE 20 following suit, contracting 1.0% and 0.6% respectively.
Market activity slumped 78.4% to USD 1.9m, on reduced of Safaricom and banking stocks. EABL was the most traded counter in the session, accounting for 43.7% of total turnover, trailed by BAT (16.4%) and Safaricom (13.4%).
Both manufacturers closed the session relatively unchanged, while the telco was the leading laggard in the top movers’ list, dropping 2.3%, on foreign selling.
On the opposite end of the spectrum, Kengen was the leading gainer in the list (top movers’), climbing 2.4%, on bullish foreign investor sentiments.
Kengen and kplc responding to the nomination of Nancy kabui as auditor general by president Uhuru Kenyatta.Profit taking still taking place in Britam.Half year will be nasty due to expected huge revaluation losses on britams equity and hf group holdings https://t.co/76CvWloHFt
— Market Cap Trainers (@NSE_Investors) June 22, 2020
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Last week, the equities market recorded mixed performances, with NASI and NSE 25 gaining by 1.2% and 1.4%, respectively, while NSE 20 declining by 2.1%, taking their YTD performance to losses of 13.1%, 18.7%, and 25.8%, for NASI, NSE 25 and NSE 20, respectively.
“We expect the uncertainty-led slowdown in the equities market to persist with the extended duration of re-opening of the economy expected to dim near-term prospects of recovery of business activity,” according to Genghis Capital, Genghis Cross-Asset Weekly Strategy – 22nd June 2020.
Source: Standard Investment Bank