The MSCI Frontier 100 Index [of which Nairobi is a Part] is up 14 percent this year.. By contrast, nearly $10 billion has flowed out of emerging market ETFs this year, and the MSCI Emerging Markets Index is down 8.1 percent. The MSCI Emerging Markets ETF (EEM) has a correlation to the S&P 500 Index of .83 (on a scale of -1 to 1) over three years. The MSCI Frontier 100 Index has a much lower correlation of .46 as per Bloomberg. Therefore, Events far away in the Developed World are expected diminish as They reach the Frontier. With the Rand and Real at 4 year Lows and The India Rupee at all time Lows versus The Dollar, it is evident that Concerns around the Tapering of QE in the US are already creating a 'BlowBack' Effect as seen in the currencies just mentioned.
The Securities Exchange which was 8th best in The World last Year out of 104 I track had experienced a Stellar Run through 22nd May when it was +35.91% for the Year. Subsequently the Sell Off was orderly and light until the last few sessions when it accelerated and interestingly was quite synchronised with a Sell-Off in Nigeria. The Nigeria All Share whilst +35.33% in 2013 has corrected 7.46775% since closing at a Multi Year High on the 11th of June. With The Macro Economy being upgraded 700 bps in 2013 by the World Bank. By Necessity, this will speed up the EAC GDP Trajectory because Kenya is a Big Piece of the EAC Equation. These are serious Macro Tail Winds. Therefore, I see the Bull Market as in tact and the recent Correction [now completed] as Part of a Sequence of Corrections that we have experienced in what has been a Bull Move that started in April/May last year. There had been some Concerns around the Introduction of Capital Gains Tax and Geoffrey Mwau, economic secretary at the Treasury, told reporters on Wednesday; "We have not even worked out how (the tax) will be implemented, the rates or even which areas will be taxed." Sure the Nairobi Securities Exchange caught a Little Fever with the Onset of the Cold Season but that now has passed.
The Nairobi All share rebounded 0.707% to close at 119.62.
The Nairobi All Share has staunched a losing Streak that had seen The Index retreat 7.46775% 22nd May through this morning.
The All Share is +26.101% in 2013.
The Nairobi NSE20 firmed 3.97 points to close at 4705.19.
Today saw Heavy Action with Turnover of 1.098b versus 495.034m.

Rich Today - Ditto

who said foreigners arent selling? take for instance witholding tax? if it were waived would there be more or less offshore interest in KE bonds? ama in your view CgT does not apply to foreigners?

we are going in circles here and im getting dizzy!! im out of this thread its been real!

To all of that are arguing about capital gains tax Let us see how the NSE will survive this selloff!!

The problem is now people are interested in the US economy underperforming.

Market seems to be opening the week with mild gains and losses. lets wait for the mid-morning traders