Foreign investors seeking bargain deals at the Nairobi Securities Exchange saw banking stocks record the highest activity.
The participation of foreign investors rose to 85 percent compared to the normal average of 60 per cent. Equity turnover rose 30 percent as investor sought to cash in on the depressed market.
“The banking sector had 5 million shares traded and represented 30 percent of the day’s traded volume,” the Nairobi Securities Exchange said in a market report.
KCB Group actively moved 2.9 million shares at between Kes.26.00 and Kes.26.50. Equity Group Holdings down fifty cents to Kes.26.00 moved 1.1M shares. Co-op bank moved 507,000 shares and closed at Kes.11.00.
The investment group Cytonn, Monday said banking sector stocks have a potential for longterm investors.
Safaricom had 4.8 million shares traded at between Kes.18.50 and Kes.19.00, while manufacturing moved 2.5 million shares due to selling of the EABL stock.
