Foreign investors pull Ksh.1 billion from NSE in October

Foreign investors remained net sellers at the Nairobi Securities Exchange (NSE) during the month of October dumping Ksh.1.02 billion ($9.2 million) worth of stocks in the period.

This to represent an even higher sell off than Ksh.945.2 billion ($8.5 million) in September.

Across the year, foreign investors have remained net sellers at the NSE in 8 out of 10 months with the only net positive flow coming in July and August at Ksh.155 million and Ksh.1.7 billion respectively.

The continuation of foreign investor sell-offs has coincided with weakening of stock values for NSE listed companies across the month.

Throughout October, the equities market remained on a downward trajectory with the NSE 20 index, the NSE 25 and the Nairobi All Share Index (NASI) declining by 3.4, 1.6 and 0.2 per cent respectively.

Large cap stocks including NCBA, the Co-operative Bank, KCB and the Diamond Trust Bank (DTB) recorded loses of 7.3, 6.4, six and 5.6 per cent respectively.

Equity turnover was however up during the month, growing by 0.6 per cent to Ksh.10.3 billion from Ksh.10.2 billion in September