NAIROBI, Kenya, Jul 4 – The Nairobi Securities Exchange (NSE) has lost Sh63 billion in investor wealth over the past two weeks due to protests that have seen businesses looted.
According to the Kenya National Chamber of Commerce and Industry (KNCCI), the protests that resulted in looting and destruction of several businesses have disrupted continuity.
“These disruptions have led to significant interruptions in the supply chain, increased operational costs, decreased consumer and investor confidence, and loss of livelihoods. The cumulative effect of these issues is a substantial strain on our already fragile economy,” the organisation’s President Erick Rutto stated.
Rutto indicated that KNCCI has observed a worrying 17 percent decline in export activity since the protests began.
“Per day we process exports of 3 million and if you can count for the last two weeks, we have been losing 3 million everyday which comes to approximately 40 million since the protests began,” he said.
“Furthermore, the Nairobi Securities Exchange (NSE) has lost KES 63 billion in investor wealth over the past two weeks, reflecting declining investor confidence in Kenya’s economy due to the violent elements within the protests,” he added.
Rutto urged the government to expedite its plans to address the concerns raised by protesters to avoid further loss of trust by investors especially in the tourism sector which is currently in the peak season.
