Foreign investors continued to sell off shares in the capital markets in March although at a slower pace.
According to Standard Investment Bank’s monthly report, by March 18 an average of Sh1 billion moved out of the market.
The exit was led by Safaricom where $44.3 million was carted abroad in the first quarter of the year followed by KCB at $20 million. Foreign investors sold $12.8 million.
The Nairobi Securities Exchange has been recording outflows of up to Sh5 billion in January over uncertainties following political upheaval.
Calm is seemingly paying off sending up the value of shares, even as Banks sustained the rate cap pressure in the full year report and a positive over the promise to scrap the law.
Market capitalization has risen from Sh2.5 trillion with most shares posting record growth, increasing investors’ wealth to Sh2.82 trillion at the close of last month.