Kenyan Stock Exchange Halts Trading After Supreme Court Ruling

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Kenya

The Kenyan stock market fell sharply on Friday as investors reacted to the Supreme Court decision to annul the presidential election won by the incumbent, Uhuru Kenyatta.

The Nairobi all-share index finished a whopping 3.69 per cent in the red, starting the new month on a negative note.

The Nairobi Securities Exchange Broad index has lost 21.15 per cent since 2017 started.

At the currencies market, the Kenya shilling was priced lower 0.44 per cent in morning trade, around 103.20 on the U.S. dollar.

Exotix Capital Analyst based in the Kenyan capital, Faith Mwangi said in a short statement, that his investment bank sees”markets weakening” as political tension resumes over the next two months.

Meanwhile, the Kenyan Supreme Court has fixed November 1, 2017 as the new date for another election.

Kenya’s President Uhuru Kenyatta called for calm to cheering supporters in the Kenyan capital Nairobi and after a televised address in the State House.

“We have said and because we believe in peace and because we believe we have laws, let them say what they want to say but, I ask you, have we accepted? We have accepted. Right? And we are urging for peace,” he said.

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