Equity Market Commentary Standard investment bank
Retreating for the second straight week, the NSE 20 Index was down 0.3%w/w (-2.3%
YTD). The NASI and NSE 25 indices
were up 0.5%w/w (-0.01% YTD) and 0.5%w/w (+0.8%YTD)respectively.
Equity turnover rose 20.5%w/w to USD 39.74m.
Foreign investors were net sellers for the sixth straight week with net outflows at USD 7.4m (highest in 2016).
For the fourth straight week, Safaricom
(+1.2%w/w)was the top mover accounting for
29.2% of market activity.
Equity Bank, which remained unchanged at KES 41.75, unseated EABL to record the highest net foreign outflows at USD 2.3m. EABL recorded net foreign outflows for the third straight week at USD 1.5m compared to USD 1.12m
. On block tradesdone mid -week, BAT recorded the highest net foreign inflows at USD 328.4k.
Following robust FY15 numbers, KenolKobil was up 7%w/w to close at a 52 week high of KES11.40
on continued foreign investor buying.Up
18.8% YTD, KenolKobil is the best
performing counter in 2016. Also on notable foreign investor buying, NSE gained 5.4%w/w
to close at a one month high of KES 24.25.
On foreign investor selling(net outflows of USD 1.2m), Diamond Trust Bank reversed gains
made in the previous week after it declined 4.1%w/w.
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope