By Kepha Muiruri For Citizen Digital
The invasion, which has caused investor jitters across the globe, saw Ksh.92 billion pulled from the local exchange with foreign investors leading exits from the bourse.
At the close of trading on Thursday, the NSE market capitalization fell to Ksh.2.454 trillion from Ksh.2.546 trillion on Wednesday.
The Nairobi All Share Index (NASI) benchmark fell by 3.62 per cent while the NSE 20 index was down by 1.6 per cent.
This to leave the year to date performance of both indexes at losses of 5.36 and 0.51 per cent respectively.
Foreign investors were net sellers in intra-day trading, recording net outflows of Ksh.22.2 billion ($195 million).
Large cap stocks became casualties of the volatile market with Safaricom’s share price, which is the NSE primary stock, for instance falling by 5.6 per cent to Ksh.34.55.
Other key stocks to enter corrections territory were Equity (which shed 2.2 per cent on its share price), Bamburi, EABL and Standard Chartered.
Across the globe, major stock exchanges also entered bear territory to mirror the widespread volatility.
S&P and NASDAQ futures were for instance down by more than two per cent ahead of the start of trading on Thursday while the FTSE 100 was down by more than three per cent on intraday trading.
Shangai’s Composite Index had earlier retreated by 1.7 per cent while the Nikkei 225 closed the day down by more than one per cent.
Nevertheless, as stocks drop commodity prices were on the rise with the global crude oil benchmark Brent for instance breaking the $100 (Ksh.11,400) mark for the first time since 2014.
The renewed global volatility has seen pressure on the Kenyan shilling with the unit trading at Ksh.113.86 on the day against the US dollar compared to Ksh.113.80 on Wednesday.
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