Thursday, October 5, 2023 – Nairobi Stock Exchange commonly known as NSE has been ranked among the worst-performing stock exchanges in the world, thanks to President William Ruto’s clueless economic policies.
According to Bloomberg, NSE began its decline immediately after President William Ruto took the reign of power and it is declining at a faster rate than what economists predicted.
“Kenyan stocks are extending a selloff that’s taken the country’s benchmark index to the steepest losses in the world,” Bloomberg reported.
It said KCB Group PLC capped the biggest losses, losing almost 30% during the quarter, due to bad loans that have hurt investor confidence.
So far this year, Kenya’s stock benchmark has lost a quarter of its value, marking the worst performance among country indexes tracked by Bloomberg.
“We expect the equities market to take a hit, especially given the rising interest rates environment that we’re in, said Wesley Manambo, a senior associate for research at Nairobi-based Standard Investment Bank Ltd. “We just expect to see net outflows.”
The majority of economists in the country have blamed President William Ruto and his economists for being clueless about economic policies they have introduced in the country since they formed the government last year.
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