Stock Market

Kenya’s bourse turnover dips as foreigners exit market

Equity turnover at the Nairobi Securities Exchange (NSE) declined on Wednesday in a session foreigners traded as much as locals.

Foreigners, however, continued to exit the market as in the Tuesday session, selling more than they bought, as they accounted for 51 percent of trading, down from 63 percent.

This followed a political standoff between government and opposition on the latter’s swearing-in of their leader as People’s President.

Turnover stood at 6.3 million U.S. dollars on Wednesday on a volume of 20 million shares from 43 million worth 12 million dollars on Tuesday.

The most traded counters were Safaricom, Equity Bank, Kenya Commercial Bank, Mumias Sugar Company and KenolKobil, which moved 8.8 million, 4.8 million, 1.7 million, 926,900 and 793,800 shares respectively.

Top gainers included Cooperative Bank, Housing Finance and Eveready which went up by between 1.8 percent and 7 percent. On the other hand, losers included Uchumi, Nation Media Group and East African Cables, going down by between 1.9 percent and 7 percent.

The NSE 20 Share Index increased by 10 points to end the day at 3,737.27 points from 3,727.27 points in the previous session while the NSE All Share Index (NASI) declined to 180.60 from 181.04.

At the bond market, turnover went down considerably to stand at 20 million dollars from 39 million dollars in the Tuesday session. Enditem

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