FILE PHOTO | NMG
The value of shares traded at the Nairobi Securities Exchange (NSE) in May rose 15.5 percent as investor activity on large stocks rallied partly on profit-taking.
The market had opened the month on the up, driven by gains on large stocks such as Safaricom #ticker:SCOM, EABL #ticker:EABL, Equity Bank #ticker:EQTY, KCB #ticker:KCB and Co-operative Bank #ticker:COOP, before retreating in the latter weeks as investors sought to cash in on capital gains.
“During the month, foreign investors remained net sellers with a net selling position of Sh4.46 billion ($41.9 million), compared to April’s net selling position of Sh3.88 billion ($36.4 million),” said analysts at Cytonn Investments in a monthly market review note.
Local investors also increased activity on some counters, especially Kenya Airways #ticker:KQ, which saw an unexpected rally during the month before starting to pare back the gains at the end of May.
The benchmark NSE 20 Share Index ended the month 0.5 percent lower at 1948 points, while the NSE All-Share Index was 1.8 percent lower at the end of May.