Kenyan equities opened the week on a firm footing, extending the bullish momentum seen in recent sessions despite growing global macro uncertainty. The Nairobi All Share Index (NASI) gained 0.7%, supported by broad-based buying across key indices, with banking stocks leading the advance.
Market activity strengthened significantly, with equity turnover rising to KES 609.23 million, reflecting increased participation by local investors, who accounted for over 81% of total trading activity. However, foreign investors turned net sellers, recording KES 150.34 million in net outflows, signaling short-term caution amid global risk repricing.
Gains were driven by select counters including Olympia Capital, Express Kenya, Kenya Airways, and the ABSA New Gold ETF, while mild profit-taking weighed on stocks such as NCBA Group and Standard Chartered Bank Kenya. KCB Group and Safaricom dominated trading volumes, together accounting for over 60% of total market turnover.
In the fixed income market, bond turnover softened as investor focus remained on longer-dated securities amid stable interest rate expectations. Treasury Bill yields showed mixed movements, with the 91-day rate easing, reflecting continued demand for short-term liquidity management instruments.
Globally, markets faced renewed pressure as investors reacted to heightened policy uncertainty, commodity price weakness, and shifts in U.S. monetary leadership expectations. Declines in oil prices and a stronger U.S. dollar contributed to a more cautious global risk environment, influencing foreign participation across emerging and frontier markets.
Overall, the session reflected a market balancing local optimism and earnings-driven positioning against global uncertainty, with domestic investors continuing to provide strong underlying support.
Read more: 2nd February 2026- Market Rockers Report
