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Local investors show confidence at the NSE as foreigners cash in

Investors notably bought into COOP which gained for the second session in a row this week.

NAIROBI, Kenya, Aug 1 – The Kenya Stock Market closed in red on Tuesday with the NSE All Share index posting the highest decline of 1.9 percent in the last two weeks after a six-month rally. 

Standard Investment Bank says foreign investors cashed out Sh560 million which is the highest single session net outflows in 2017, but local investors were actively buying Equity Bank and Co-op Bank which edged up 0.6 percent and 0.3 percent respectively.

Banks continued with their bullish trends with Equity turnover soaring 93.8 percent to Sh1.5 billion on increased foreign investor trading – participation that rose to 67.7 percent compared to 53.6 percent in the previous session.

Safaricom remained the most actively traded counter accounting for 36.4 percent of total market activity.

“After touching an all-time high in the previous session, the telco declined 3.1 percent weighed down by foreign investor profit taking,” SIB trading reported.

Foreign investors bought Stanbic Holdings Plc – recording the highest net inflows two sessions in a row – and Centum Investments Plc.

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