Foreign investor activity at the Nairobi Securities Exchange (NSE) flipped sharply negative in the first week of September, reversing August’s record inflows.
September has historically been an uneven month for foreign investors at the NSE. Strong inflows in 2015 (+KSh 6.5B), 2016 (+KSh 1.34B), and 2019 (+KSh 827M) contrast with multi-billion outflows in 2017–2023. The current trend places 2025 back into negative ground early in the month.
The reversal came just a week after foreigners had posted their strongest monthly inflow in four years. In August, net foreign purchases hit KSh 1.65 billion—the best performance since August 2021 and the largest monthly inflow since May 2019. The late-month surge of nearly KSh 400 million in the final two sessions underscored renewed appetite after months of steady selling.
Safaricom dominated activity on both sides, with turnover exceeding KSh 1.5 billion in combined buys and more than KSh 2.4 billion in sales.
Banks were also in focus: Diamond Trust Bank, Equity, and KCB Group featured prominently, alongside smaller flows in I&M, Stanbic, Jubilee, EABL, and Umeme.
| Day | Net Flow (KSh Mn) | Top 2 Buys (KES Mn) | Top 2 Sales (KES Mn) |
|---|---|---|---|
| Mon Sept 1 | –53.5 | Safaricom (144.8), Equity (61.5) | Equity (73.7), Safaricom (144.0) |
| Tue Sept 2 | –317.4 | Safaricom (369.4), Equity (39.9) | Safaricom (599.6), Equity (112.6) |
| Wed Sept 3 | –182.9 | Safaricom (481.6), KCB (90.2) | Safaricom (591.4), DTB (49.3) |
| Thu Sept 4 | –436.4 | Safaricom (400.9), DTB (61.4) | Safaricom (877.8), DTB (52.2) |
| Fri Sept 5 | –186.9 | Safaricom (124.6), DTB (115.5) | Safaricom (242.7), Stanbic (120.3) |
| Total | –1,176.9 | Safaricom, DTB, and Equity led buys | Safaricom, Equity, and Stanbic led sales |
Despite August’s rebound, 2025 has been marked by volatility in foreign flows. The year opened with heavy outflows in January through April exceeding KSh 4Bn combined. A brief respite came in June with KSh 820Mn in inflows, before July slid back into negative territory at –KSh 524Mn. August’s inflows narrowed the year’s deficit, but September’s weak start shows sentiment remains fragile.
Historically,
The shift comes as the NSE All-Share Index is up more than 44% year-to-date, marking its best year since inception in 2008. Whether foreigners continue to support the rally or retreat back to selling will be a key driver of market sentiment heading into the final quarter of 2025.
Leave a Reply