The Nairobi Securities Exchange (NSE), has recorded lowest prices reached for the past 12 months on entirely all counters. The prices started their south travel in the dawn of the year when government sort to implement its Capital Gains Tax policy on trades undertaken at the bourse.
The push and pull between implementers and market players, particularly the stock brokers' association, led to a significant lag in trading volumes. With the exit of foreigner through sell outs to seek other higher yields in alternative emerging markets in Africa, NSE became venerable.
The market has further been affected by the strengthening of the dollar against most currencies. The Kenyan shilling has lost at least 15% against the green back closing today at 103.60/70.
The week on week turnover declines by 35% to stand at 2.4 billion compared to 3.7 billion reported previous week. The bulk of trade was experienced in the banking sectors, which accounted for 36% of the weeks turnover.
Safaricom counter was the most traded counter with 34 million shares changing hands at a a week’s high of Kes.15.60 and a low of Kes.13.70. Uchumi regained its ground to record a week's high of Kes. 9.60 on a volume of 680,000 shares.Last modified on Monday, 14 March 2016