NSE 20 Share Index Falls as KES strengthens to an 8-Month Record

The Nairobi Securities Exchange began the week with the NSE 20 shedding 1.0% to close at 3,958.57 points compared to 3999.33 points posted on Friday. The NASI declined by 0.6% to close at 145.67.

Market turnover recorded 24.21% decrease to 10 Million shares against Friday’s 16 Million shares which were valued at Kes.432 Million.Volume was dominated by KCB, Safaricom and Equity Bank with 6.28Million shares traded representing 62.33% of the total volume while KCB, Equity Bank and Kakuzi Limited accounted for 67.61% of total turnover.

Foreign Investor Participation In The Banking Sector

Banking Sector Index was down 0.77%. The sector is down 2.99% for the last one week and -2.98% Year to date. National Bank advanced 5.00% to close at KES 10.50.

Foreign investors accounted for 61% of market activity with net sales.DTB Bank recording the highest net foreign outflows to close 0.5% lower at KES 209. KCB Bank dominated trading, contributing 45% of total market turnover to record net foreign outflows

CFC Stanbic fell by 3.7% to Ksh 90 but also recorded increased foreign selling while Co-op Bank recorded the highest net foreign inflows. NIC Bank shed 5.7% to KES 37.25 to emerge among the session’s top losers on account of increased local selling.

Notable Events In the Market on Monday

•The government announced plans to merge the troubled National Bank Of Kenya and two other state owned lenders into one or two institutions.
•The Capital Markets Authority (CMA) also fined National Bank an undisclosed amount of money for failure to publicly issue a profit warning ahead of announcing a surprise Ksh 1.5 Billion loss.
•The NSE Market Capitalization stood at Ksh 2.05 Trillion representing a 0.57% decline from Friday’s Ksh 2.07 Trillion.
•Marshalls Hit a new 11 year low when it reached Ksh 9.15.
•The Kenya Shilling on Monday strengthened to an 8 Month record of Ksh 101.051 Against the US Dollar amid the Banking sector crisis. see Chart below;