DEC 11, 2018: NAIROBI STOCK MARKET AT NEW LOW.

The Nairobi Securities Exchange seems set to close 2018 at record low as it closed 6th consecutive trading day downwards on Tuesday, December 11, 2018.

The All share index dropped by a higher 1.64 points to 140.88 after Monday's week opening 1.53 points decline.

Just 8 months ago, on April 11, 2018 the same ASI was 194.16 meaning it has gone down some 53.28 points or 27.4% since then.

Of course, up till the last 6 days, the trend has been for the ASI to go up and down while edging each time downwards ultimately.

Like for recent days, price drops remained dominant although at 37, the total price changes was slightly less than Monday's 39. There were 23 drops and 14 gains on Tuesday.

This time however, British American Tobacco set a pace as well but upwards, not downwards like for Monday when it crashed Ksh 24 per share.

BAT regained Ksh 13 per share as its rare parcel of 918,600 shares were offloaded at between high of Ksh 530 and closing day low of Ksh 529 per share compared to Ksh 516 previously.

BAT did succeed in impacting on traded value though as with Ksh 486m as traded it pushed manufacturing sector's share to 43.61% or Ksh507m. 

Hence, total traded value more than doubled to Ksh1.162bn from Ksh 398.074m although traded volume only rose to 30.726m from 18.079m shares.

There were other major price gains: Unga Group's Ksh 1.55 per share and East African Breweries Ksh 1.50 per share but all were overwhelmed by the rash of drops, and of course, the fact that Safaricom also went down.

The decline was paced by Kapchorua Tea as it found and closed at Ksh 70 per share against Ksh 75 on Monday even though not much was traded in it.

It was trailed by NIC Group down Ksh 2.55 per share while also recording rare deals for 4.530m shares worth Ksh 113m at between Ksh 25 and 27 per share and Safaricom with Ksh 0.60 per share decline while closing with deals for 21.143m shares at Ksh 21.90 and 23.50 per share worth Ksh 466m or 40.12% of total traded value.

Traded value at the bond market recovered slightly to Ksh 1.221bn from Ksh 1.049bn but more significant was rally in number of deals to 52 from Monday's truly low 19.


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