Foreign Investors Turn Bullish On Kenyan Stocks

Foreign investors have turned bullish on Kenya as the Nairobi Securities Exchange (NSE) with NASI, NSE 20 and NSE 25 gaining by 3.0%, 0.5% and 2.6%, respectively

Foreign investors have turned bullish on Kenya as the Nairobi Securities Exchange (NSE) with NASI, NSE 20 and NSE 25 gaining by 3.0%, 0.5% and 2.6%, respectively, taking their YTD performance to gains of 9.8%, 3.3% and 8.8% for NASI, NSE 20 and NSE 25 respectively.

The equities market performance was driven by gains recorded by large-cap stocks such as Co-operative Bank, Equity Group, Safaricom and KCB Group, which gained by 7.3%, 4.1%, 4.0% and 3.5%, respectively. 

The gains were however weighed down by losses recorded by stocks such as EABL, Diamond Trust Bank (DTB-K) and Standard Chartered Bank, which declined by 3.0%, 2.0% and 1.1%, respectively.

During the week, foreign investors turned bullish in the week, accumulating on EABL, Equity Group and Safaricom while exited on KCB Group and Stanbic.

Foreign investors had a net buying position of USD 0.4 mn, from a net selling position of USD 2.9 mn recorded the previous week, taking the YTD net selling position to USD 5.0 mn.