The Nairobi Securities Exchange (NSE) closed the 13th week of the year in the red, recording broad-based losses across all major indices.
The Nairobi All Share Index (NASI) declined by 6.7% to 195.48 points, driven by loses in large-cap stocks such as Absa Bank Kenya, KCB Group and Co-op Bank, which declined by 14.5%, 10.5%, and 9.9%, respectively.
Analysts attributed the exchange’s downward trajectory to profit taking by foreign investors following a rally in the recent weeks.
NSE Top Gainers and Losers
The majority of the stocks closed the week in the red, with only six counter posting gains. Tea processor Limuru Tea Company led the gainers advancing by 2.80% to close at KES 514.00, followed by Liberty Kenya Holdings which appreciated by 1.5%. Packaging manufacturing firm Shri Krishana Overseas PLC edged higher 1.2%, while Kakuzi PLC nudged upwards 0.8%. Eaagads PLC rounded up the top five gainers, rising by 0.7%.
On the losers’ side, stocks printed steep declines, with the top five losers posting double digit losses. Uchumi supermarket was the biggest loser, depreciating by 15.6% to KES 1.84. Flame Tree Group came in second falling by 14.7%, followed by Absa Bank Kenya, which shed 14.5%. Home Afrika Limited and HF Group PLC dropped by 12.5% and 12.4%, respectively.
Bourse Records Historic Drop in Market Capitalization
Investors’ wealth at the NSE stood at KES 3.24 trillion, falling by KES 231.1 billion, marking the sharpest weekly decline in 6 years. Telecommunications giant Safaricom PLC shed KES 86.5 billion, the largest loss in market capitalization during the week. Other major decliners included Equity Group Holdings, KCB Group, Absa Bank Kenya, and Co-operative Bank, which lost KES 28.3 billion, KES 25.7 billion, KES 25.2 billion, and KES 17.9 billion, respectively.
Other NSE Indices
The NSE 20 fell by 6.6% to 3,418.58 points, while the NSE 25 dropped by 7.5% to 5,408.24 points. The NSE 10 recorded the largest decline, decreasing by 9.0% to 2,027.07 points, while the Banking Sector Index edged lower by 8.0% to 221.93 points.
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