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NSE resumes operations amid tumbling of stocks

NAIROBI, Kenya, Mar 16 – The Nairobi Securities Exchange resumed normal trading Monday following the trading halt imposed last Friday after the first case of coronavirus was reported, sending shares tumbling.

NSE’s CEO Geoffrey Odundo urged investors not to panic, adding that they were hopeful the market would stabilize.

On Friday, the benchmark index plunged by more than 5 percent, forcing the Exchange to halt operations, in accordance with the NSE Equity Trading Rules.

“The market is open and we will continue to update the public on any new developments. We are hopeful that the market will stabilize but we continue to monitor and will advise the public on any developments,” Odundo said.

At the same time, Odundo urged investors to take advantage of unprecedented stock discounts.

The NSE 20 share benchmark Index opened at 2128.45 representing a 0.175 percent increase above Friday’s close.

First Case Of Coronavirus In Kenya Halts Trading At NSE As Panic Selling Escalates

Meanwhile, the shilling began the week on the backfoot moving further south against the greenback on account of increased dollar demand.

Analysts at NCBA said they expect the home unit to trade on the defensive given the sentiment surrounding the reports of additional cases of the coronavirus.

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That said, provisional tax obligations coming in the course of the week could support dollar inflows which could give the shilling some much-needed reprieve.

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