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Kenya’s bourse records slow start on first trading day in 2024 as bear run persists

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Nairobi Securities Exchange
Nairobi Securities Exchange

The Nairobi Securities Exchange (NSE) recorded a slow start Tuesday, the first day of trading in 2024, stifling hopes that the market would recover this year.

NSE data showed that a paltry 904,000 shares were traded, at 12.5 million shillings (about 79,492 U.S. dollars), a new low; bonds worth 1.4 million dollars were traded.

The benchmark NSE 20 Share Index stood at a low of 1,508.83, and the All Share Index, at 91.97.

On the last day of trading in 2023, 7.9 million shares worth 731,370 dollars and bonds worth 8.9 million dollars were traded, according to the NSE.

While the low performance on Tuesday may be attributed to the holiday lull, it is a continuation from 2023 when the market recorded the worst performance in four straight years.

The bourse in 2023 registered a 27.5 percent decline in trading, with foreign exits standing at more than 127 million dollars against a net inflow of some 8.2 million dollars.

The exits have been blamed on investors’ search for better returns in the developed markets following an increase in benchmark interest rates, especially in the U.S., the United Kingdom and the European Union, to stem rising inflation.

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