Stocks take a nosedive at NSE on Monday’s opening

Stocks took a nosedive at the Nairobi Securities Exchange (NSE) on Monday’s opening after Kenya confirmed two more cases of coronavirus (COVID-19).

Co-operative Bank, Equity Bank and Absa Bank Kenya Limited were some of the most hit counters in terms of price decline.

Stocks listed on NSE lost Ksh573 billions of their value amid coronavirus threat that has gripped fears globally.

The value of all stocks at NSE stood at Ksh2 trillion compared to Ksh2.6 trillion as at January 10.

The telecommunications firm winded with a market value of Ksh975.5 billion. This is the first time it went under the Ksh1 trillion mark since February in 2019.

Ksh losing against a dollar

On Friday, the Kenyan shilling edged down after the government confirmed the first case of coronavirus (COVID-19)

At 12.52 pm, Commercial Banks quoted the shilling at 102.80 buying, 103.00 selling per dollar, down from Thursday’s close of 102.40 buying, 102.60 selling.

However, as of Monday, the shilling edged even deeper when Commerciacial Banks quoted the shilling at 102.9 buying, 103.113 selling per dollar compared to Friday’s close.

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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