Foreign investors staged their sharpest exit of the year from the Nairobi Securities Exchange (NSE) in the third week of September, triggering the steepest market declines since April’s Trump tariff shock.
- •NSE data shows foreigners sold KSh 3.65B worth of equities against KSh 684M in buys during the week of September 15–19, leaving a net outflow of KSh 2.96B.
- •Wednesday, September 17, accounted for most of the exodus, with a single-day withdrawal of KSh 2.8B—the largest daily outflow of the year.
- •The sell-off also highlights offshore profit-taking even as the bourse remains on track for record gains in 2025.
Three weeks into September, cumulative foreign exits stand at KSh 4.67B, wiping out August’s KSh 1.65B inflows nearly three times over. All four indices declined together for the first time since Week 29 (ending July 18). It was also the steepest collective fall since Week 15 in April, when U.S. tariff news drove a broad sell-off.
For Week 37, the NASI shed 2.9%, the NSE 20 lost 3.8%, the NSE 10 dropped 2.9%, and the NSE 25 retreated 2.7%. Market capitalization fell by KSh 81.7B to KSh 2.73T.
NSE Weekly Market Indicators
| Indicator | Week 37 (Sept 12–19) | Week 36 (Sept 5–12) | WoW %Δ |
|---|---|---|---|
| NSE 20 | 2,903.15 | 3,018.52 | –3.82% |
| NSE 25 | 4,499.62 | 4,626.68 | –2.75% |
| NASI | 173.50 | 178.69 | –2.90% |
| NSE 10 | 1,725.26 | 1,776.19 | –2.87% |
| Market Cap (KSh Bn) | 2,733.52 | 2,815.23 | –2.90% |
| Volume (Mn) | 153.67 | 207.32 | –25.88% |
| Equity Turnover (Mn) | 5,337 | 4,036 | +32.25% |
Top Week Movers
Limuru Tea topped the week’s gainers with a 9.9% rise, followed by Olympia Capital at 8.3%, Unga Group at 6.7%, East African Portland Cement at 6.0%, and Eveready at 6.0%.
On the losing end, Home Afrika tumbled 33.7%, CIC Insurance fell 20.0%, Umeme dropped 12.6%, Flame Tree slid 11.5%, and AMAC lost 9.7%.
Despite the heaviest foreign withdrawals since July 2023, the broader market remains near record highs. Year-to-date, the NASI is up 40.5%, the NSE 20 has gained 44.4%, and market capitalization has expanded by nearly KSh 794B.
The split between offshore selling and local buying will determine whether the rally holds into the final quarter of 2025
