Foreign investors continued to sell their portfolios in the Nairobi Securities Exchange (NSE) with the contagion spreading to Bamburi cement.
According to Standard Investment Bank, foreign investors sustained their bearish position at the bourse, recording net outflows of $2 million (Sh200 million) – 38.2 percent higher than the previous session.
Bamburi made a surprise entry into the top movers list, being the third most traded counter in the session (17.6 percent of total turnover), mainly driven by foreign investor trading.
“The cement maker was the leading laggard in the list down 2.7 percent to close at KES 146 – 19 month low,” SIB said.
Both the NASI (0.1 percent)and NSE 20 (0.2 percent) gained marginally but the NSE 25 that carries banking counters lost, on the other hand, lost 0.1 percent for the fourth straight session.
Equity turnover slumped 68.3 percent to $4.7 million (Sh470 million), on reduced trading by foreign investors.
They accounted for 45 percent of total market activity, vis-à-vis 91.2 percent in yesterday’s session. KCB dislodged EABL as the most traded counter, with the lender accounting for 32.5 percent of total trades as local investors moved in to take positions.