Weekly Market Monitor- No.37/ 2018
Weekly Wrap: Macroeconomics & Corporate News
Expiry of IMF's Stand-By Arrangement- Treasury announced that the USD 989.8Mn Stand-By Arrangement from the International Monetary Fund (IMF) has expired. The facility which had an initial two-year maturity (together with an approximate USD 500Mn Standby Credit Facility) had been extended for six months and had been treated as precautionary in the event of exogenous shocks to the balance of payments. Overall, the expiry of the IMF facility will be a dent on the performance of the current trading of Eurobonds.
ï‚· President Uhuru has expressed his reservations on the Finance Bill 2018, returning it to the National Assembly for further debate.They will also debate on the Supplementary Estimates of FY2018/19. The MPs may amend the Finance Bill in light of the President's reservations or pass the Finance Bill a second time without amendment.
ï‚· ERC will review the fuel pump price for 15th September - 14th October period. It will mainly consider the price of ADNOC Murban price and the USDKES pair in the month of August. With the Finance Bill rejected by the President, we still expect the inclusion of the VAT on the final fuel pump price.
Equity market commentary
ï‚· NASI down 7.63% YTD to 158.13, down 3.41% in the week.
ï‚· NSE 20 Share Index down 19.36% YTD to 2993.38, down 3.43% in the week.
ï‚· Value traded at KES 2.46Bn (USD 24.36Mn) for the week.
Currencies and Commodities…
ï‚· Currencies: KES slips against currency peers …
ï‚· Commodities: OPEC foresees slower 2019 oil demand growth; increased supply in August …
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