During the month of June, we continued to see a decline in NSE’s major indicative indices with the NASI and NSE-20 declining 3.32% and 4.10%, respectively. Foreign investors remained as net sellers with the selling position increasing 23.43% to KES 5.19Bn taking the total YTD foreign net selling position to KES 12.16Bn. We also observed a rally towards the end of the month as local investors provided much needed support, which we suspect was driven by end of quarter portfolio realignments. However, foreign investors remained as net sellers threatening any share price rally momentum that was building.
Sameer Africa (+45.04%) was the top gainer of the month mainly driven by local trading. TPSE (+20.00%)was also a key gainer even on the back of announcing a debt conversion agreement with its top shareholder, Aga Khan Foundation, which has dilutive potential for existing shareholders. On the other hand, Express Kenya (-15.14%)was the largest loser followed by Sanlam Kenya (-14.29%)which seems to be losing the rising momentum we had seen earlier in the year.
