NSE 20 Share Index Hits 10 Year Low!

The situation at the Nairobi Securities Exchange worsened on Tuesday’s trading session with the benchmark “NSE 20 Share Index” sinking lower to levels last seen in March 2009 after shaving off 33.63 points to close at 2749.34 points.

The market has been marred by foreign investor withdrawals while the local investors are staying on the sidelines. The sell-off only worsened sentiment for the country’s stock market, which has worsened following the implementation of the Finance Bill 2018 as well as failure by parliament to scrap the rate cap law.

The index, which is a benchmark for Kenya’s top 20 listed blue-chip counters has already sunk by more than 24 per cent so far this year, making it one of the worst performers among the frontier and emerging markets. The exchange in April this year reviewed the index, saying this to ensure that it reflects an accurate picture of market performance.

All the constituents of the NSE 20 index have been on the negative since the year began except Barclays Bank has gained by more than 10 per cent over the period.

Nation Media Group (NMG) Shares Now at Sh 65.00. Last Seen in 2004!!!

— Kenyanwallstreet (@kenyanwalstreet) October 16, 2018