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NSE crumbles to lows last seen 16 years ago

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NSE Nairobi: The Nairobi Securities Exchange’s main index dropped to a 16-year low on Friday.

This came as foreign investors withdrew their investments amid turmoil in the global markets over the coronavirus outbreak that is wrecking havoc across the globe. The NSE was also hit y profit taking activities on banking stocks.

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The benchmark NSE 20 Share Index, closed at 2,337 points, down from 2,409 on Thursday. Analysts have argued that the sell-off is part of a global trend as investors dump stocks and seek shelter in fixed income assets including government bonds.

Stockbroker Apex Africa Capital noted that major indices around the world including the FTSE 100, Nasdaq and Dow have all dropped 11 per cent or more in one week.

Co-op Bank’s share price dropped by 6.8 per cent on Friday to close at Sh. 13.55, followed by DTB at 6.5 per cent to Sh. 100, Equity Group fell by 5.7 per cent to Sh. 45.2 and KCB by 3.6 per cent to Sh. 44.9.

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NSE saw its stock drop 5.6 per cent to Sh. 10.1, Bamburi’s stock also fell 5 per cent to a net low of Sh. 54, EABL’s share declined 2.8 per cent to Sh. 194.2 as it closed the books for the interim dividend of Sh. 3 per share and Kenya Power saw its stock fall 6 per cent to Sh. 2.30.

On Monday morning, global markets started to rebound after a week in which $6 trillion in value was wiped off. This recovery was reflected on NSE Nairobi where some stocks began to rise.

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