Foreign investors staged their sharpest exit of the year from the Nairobi Bourse in the third week of September, triggering the steepest market declines since Aprilโs Trump tariff shock.
Three weeks into September, cumulative foreign exits stand at KSh 4.67B, wiping out Augustโs KSh 1.65B inflows nearly three times over. All four indices declined together for the first time since Week 29 (ending July 18). It was also the steepest collective fall since Week 15 in April, when U.S. tariff news drove a broad sell-off.
For Week 37, the NASI shed 2.9%, the NSE 20 lost 3.8%, the NSE 10 dropped 2.9%, and the NSE 25 retreated 2.7%. Market capitalization fell by KSh 81.7B to KSh 2.73T.
| Indicator | Week 37 (Sept 12โ19) | Week 36 (Sept 5โ12) | WoW %ฮ |
|---|---|---|---|
| NSE 20 | 2,903.15 | 3,018.52 | โ3.82% |
| NSE 25 | 4,499.62 | 4,626.68 | โ2.75% |
| NASI | 173.50 | 178.69 | โ2.90% |
| NSE 10 | 1,725.26 | 1,776.19 | โ2.87% |
| Market Cap (KSh Bn) | 2,733.52 | 2,815.23 | โ2.90% |
| Volume (Mn) | 153.67 | 207.32 | โ25.88% |
| Equity Turnover (Mn) | 5,337 | 4,036 | +32.25% |
Limuru Tea topped the weekโs gainers with a 9.9% rise, followed by Olympia Capital at 8.3%, Unga Group at 6.7%, East African Portland Cement at 6.0%, and Eveready at 6.0%.
On the losing end, Home Afrika tumbled 33.7%, CIC Insurance fell 20.0%, Umeme dropped 12.6%, Flame Tree slid 11.5%, and AMAC lost 9.7%.
Despite the heaviest foreign withdrawals since July 2023, the broader market remains near record highs. Year-to-date, the NASI is up 40.5%, the NSE 20 has gained 44.4%, and market capitalization has expanded by nearly KSh 794B.
The split between offshore selling and local buying will determine whether the rally holds into the final quarter of 2025
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