NextFin news, Foreign investors triggered the steepest fall in the Nairobi Securities Exchange (NSE) indices since the Trump tariff shock in April by staging their sharpest exit of the year during the week of September 15 to 19, 2025, according to NSE data reported on Tuesday, September 23.
During this week, foreigners sold equities worth KSh 3.65 billion while buying only KSh 684 million, resulting in a net outflow of KSh 2.96 billion. The largest single-day foreign withdrawal of the year occurred on Wednesday, September 17, when KSh 2.8 billion was pulled out from the market.
This sell-off represents offshore profit-taking despite the NSE remaining on track for record gains in 2025. Cumulatively, foreign exits in the first three weeks of September totaled KSh 4.67 billion, nearly three times the KSh 1.65 billion inflows recorded in August.
All four NSE indices declined together for the first time since the week ending July 18, marking the steepest collective fall since the week ending April 18, when U.S. tariff news caused a broad sell-off.
Specifically, for the week of September 15–19, the NSE All Share Index (NASI) dropped 2.9%, the NSE 20 Share Index lost 3.8%, the NSE 10 Share Index fell 2.9%, and the NSE 25 Share Index retreated 2.7%. Market capitalization decreased by KSh 81.7 billion to KSh 2.73 trillion.
Despite the heavy foreign withdrawals, the broader market remains near record highs, with year-to-date gains of 40.5% for NASI and 44.4% for NSE 20, and market capitalization expanding by nearly KSh 794 billion.
Top gainers during the week included Limuru Tea with a 9.9% rise, Olympia Capital up 8.3%, and Unga Group increasing 6.7%. On the losing side, Home Afrika tumbled 33.7%, CIC Insurance fell 20.0%, and Umeme dropped 12.6%.
The balance between continued offshore selling and local buying will be critical in determining whether the NSE rally sustains into the final quarter of 2025.
Source: The Kenyan Wall Street, published September 23, 2025. Read more.
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