Kenyan bourse slides as foreigners exit bank stocks

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stock market
stock market

Trading at the Nairobi Securities Exchange (NSE) declined on Wednesday as foreign investors exited bank stocks, which rallied last week after removal of interest rates caps.

All the key indices of the market slid on Wednesday, a continuation from Tuesday as the foreign investors booked profits from various stocks.

The NSE 20 Share Index fell 30.78 points in the session to close at 2,641.58 points while the NSE 25 Share Index was down 12 points to end at 3,861.37 points. Equity turnover was down 50.8 percent to stand at 422 million shillings (4.14 million U.S. dollars) from 8.4 million dollars recorded on Tuesday.

During the session, the top traders were Kenya Commercial Bank, Equity Bank and Safaricom, which rallied to lift the market last week.

Foreigners were net buyers of Safaricom but exited Equity Bank and KCB counters, noted AIB Capital, stock brokerage firm. Enditem

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