Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
the drop in the benchmark index could be attributed to panic-selling following announcement of Kenya’s first case of the pandemic that has claimed more than 4,000 lives around the globe/FILE

Corporate

Coronavirus spares Kenya’s financial market – NSE

NAIROBI, Kenya, Mar 3 – The global outbreak of coronavirus has not had any direct impact on Kenya’s financial market ecosystem.

Nairobi Securities Exchange CEO Geoffrey Odundo said ongoing trends that include discounts on the prices of a variety of stocks should not be attributed to the deadly virus that left global financial markets gasping for air.

Odundo says that current trading trends reflect normal market cycles and portfolio shifts between emerging and frontier markets, as investors look to take profits during this reporting period.

“We are confident that the market will correct itself in due time. I urge investors to take up this lucrative opportunity to own a piece of Kenya’s most profitable companies at these reduced prices” he added.

He said that the fundamentals of the listed companies continue to be strongly supported by an enabling microeconomic and political environment, adding that there have been renewed growth prospects in the country both in the public and private sectors.

Globally, financial markets have taken a hit with airlines, travel companies and firms that heavily rely on China as part of their supply chain suffering the most.

Towards the end of February, losses on US markets accelerated after US health officials warned that the public should expect cases to spread, as reported by the BBC.

In the UK, the FTSE 100 fell almost 2 percent to a 12-month low of 7,018, while Japan’s Nikkei 225 index fell 3.3 percent.

The deadly outbreak has impacted economies, with an index of Chinese factory activity falling to a record low last month, while a US survey of manufacturers came in below forecast, with expectations of worse to come.

Advertisement. Scroll to continue reading.

The disease that began in China has killed more than 3,100 people and infected more than 91,000, though the Asian nation has reported its lowest number of new cases in six weeks.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...