Trading at the Nairobi Securities Exchange closed lower on Thursday as investors locked in profits on recent gains in top tier counters ahead of the upcoming corporate earnings season.
The NSE All Share Index dipped point two nine percent to end the session at one hundred fifty seven point seven five points while the NSE Twenty Share Index fell zero point four three percent to one thousand nine hundred forty six point nine four points.
Market capitalisation declined slightly to two point four six trillion shillings compared to two point four eight trillion shillings recorded at the previous close.
Equity turnover stood at four hundred eighty five million shillings with a total of fourteen million shares changing hands across one thousand seven hundred deals reflecting a quieter day on the trading floor.
Safaricom remained the most active counter with five point six million shares traded but the stock eased to sixteen shillings and fifteen cents as foreign investors booked gains.
Banks were mostly weaker with KCB Group falling one percent to forty seven shillings and fifty cents while Equity Group lost zero point eight percent to settle at forty eight shillings. East African Breweries also slid amid continued foreign selling pressure.
On the gainers list Housing Finance advanced four point three percent on renewed retail interest while Crown Paints rallied three percent on expectations of strong half year results.
KenGen and Kenya Re posted modest gains after reports of upcoming capital injection plans and strategic asset sales. Market analysts say foreign investors were net sellers for the third straight session accounting for fifty three percent of total market turnover and primarily exiting Safaricom and banking stocks due to global risk sentiment.
Traders expect the market to remain range bound in the coming days as investors await financial statements from leading banks and listed firms which are expected to give direction on dividend prospects.
With year to date performance still up double digits market watchers suggest that further short term corrections are possible but longer term sentiment remains broadly positive supported by easing inflation and relative currency stability.
Written By Ian Maleve
