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Foreign investors at Nairobi bourse up sales as share prices drop

Xinhua, June 15, 2016 Adjust font size:

A continued drop in the share price of Kenya Commercial Bank (KCB) Group saw foreign investors' dispose the stock in bulk, making it the biggest mover at the Nairobi Securities Exchange (NSE) Tuesday.

The bank moved 3.8 million shares at 0.36 U.S. dollars, a decline of 0.7 percent from Monday's price. The share has fallen from 0.40 dollars in about a month.

KCB recorded the biggest foreign sales at the bourse Tuesday, where the investors' participation stood at 61 percent against locals 39 as they increased share disposal by 21 percent and dropped buys by 8 percent.

In total, some 19 million shares valued at 5.6 million dollars were traded, up from 8.4 million shares valued at 4 million dollars posted in the previous trading session, with the banking sector contributing 7 million shares.

Electricity generator KenGen was the second top mover, trading about 2.6 million shares at 0.06 dollars. A total of 5 million shares were traded in the sector.

The manufacturing and allied sector moved 2.5 million shares, with East Africa Breweries Ltd, which also recorded high foreign sales moving 196,000 shares at 3 dollars.

Safaricom, under the telecommunication sector, moved 2 million shares at an average of 0.18 dollars, down from 2.1 million Monday.

The increased foreign sales, coupled with drop in prices of several key shares, saw NSE 20 Share Index go down 33.10 points to stand at 3,784.56.

Similarly, the All Share Index (NASI) shed 0.82 points to settle at 145.43 while the NSE 25 Share Index shaved off 33.67 points to settle at 4,109.41.

The bond market had securities worth 38 million dollars transacted from 28 million in the previous session. Endit