Kenyan Stocks, World’s Worst This Year, Set to Fall Further
- Nairobi bourse affected by concern about elections in August
- Exotix sees buying opportunity for exchange’s ‘liquid’ stocks
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Kenyan stock prices at more than three-year lows may have further to fall with domestic investors favoring bonds and foreign buyers waiting for lower valuations, the head of the bourse said.
Shares on the Nairobi Securities Exchange have dropped 6.9 percent since Jan. 1, extending last year’s 8.5 percent decline, because of jitters among investors about elections scheduled for August. The yield on Kenya’s benchmark 10-year bond has fallen almost 200 basis points to 14.02 percent on Tuesday from a high of 16 percent in February, according to data compiled by Bloomberg.