EQUITY MARKET COMMENTARY
The market closed the week in the red with the NASI, N10, NSE 20, and NSE 25 retreating by 1.1%w/w, 2.6%w/w, 1.6%w/w, and 1.8%w/w, respectively.
Market activity more than doubled to USD 20.02m (+101.4%w/w). Safaricom dominated market activity accounting for 54.0% of the week’s turnover. The counter’s price function rose by 0.7%w/w to KES 15.00.
Of the top-traded banking stocks, Equity Group and KCB Group prices declined by 2.1%w/w and 1.7%w/w to KES 45.00 and KES 38.40, respectively. Stanbic, on the other hand, gained 1.8%w/w to KES 130.00 – closing as the week’s best-performing top mover.
EABL, the week’s worst-performing top mover, shed 7.9%w/w to close at KES 165.75.
Foreign investors remained bearish, with net outflows of USD 2.78m. ABSA led the buying charge while Equity Group led the selling charge. Foreign investor participation edged upwards to 80.1% from 49.9% in the prior week.
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