Supreme Court Ruling erases a whooping Sh 130 Billion from NSE Market Cap!

Kenya’s stock market has lost a whooping Sh 130 Billion in just two trading sessions after a decision by the Supreme Court to annul the August 8th Presidential election due to the electoral body’s ‘failure to carry out the election in accordance with the constitution.

On Thursday last week, Nairobi Securities Exchange market cap closed at Sh 2.479 Trillion against Friday’s closing of Sh 2.387 trillion and Monday’s Sh 2.349 trillion. This means that the market shed a total of Sh 92 Billion on Friday and Sh 38 Billion on Monday’s session.

Over the last one week, over Sh 193.1 Billion has been erased from the NSE despite gaining Sh 31.65 Billion over the last one month.

On Monday, the benchmark NSE 20 Share Index was down by 80.84 points to close at   3,806.80 points with only Stanbic and DTB on the positive side. The index is down by more than 5% since Friday’s ruling. 

On Monday, foreign investor purchases increased by 46.98% to Sh 960 Million from Friday’s buys amounting to Sh 653.1 Million. Foreign sales on the other hand increased marginally by 4.61% to Sh 1.523 Billion from Friday’s Sh 1.46 Billion.

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