Local markets could decline further after the NSE 20 share index slipped back into sub-2000 levels yesterday. This however presents another buying opportunity to investors who had missed the buy train earlier. Local and foreign investors are racing for dividends which now seem seems as the only sure returns on the markets so far. Financial institutions which had initially announced dividends and now trading at a discount have become some of the most after stocks in the market.
A report by Dyer & Blair Investment bank indicated that “Foreign investors assumed a net selling position, accounting for 61.95% of total market purchases and 97.26% of total market sales in yesterday’s trading session.” This sell off if continues could mean stocks turning lower but might not be to levels we saw when the index plunged a fortnight ago, foreigners held net selling position in Equity Group as the storms over KCB Group shared remained calm in yesterday’s sessions.
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