Tumbling bank stocks pulled the NSE-20 Index to a four-year low on Thursday with analysts predicting a "black Friday" tomorrow as investors continue to .
The Nairobi Securities Exchange's NSE-20 Index - which captures the performance of 20 best blue-chip firms and generally reflects the true picture of the market
– closed 4.41 per cent lower at 3309.76, a level last seen in March 2013.
The Nairobi All Share Index slumped by 5.01 per cent to close at 139.14.
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Foreign investors are exiting the banking counters after Wednesday's signing into law of interest rate caps, following public outcry over high-interest rates charged by lenders.
"All the attention was on the banking sector... where we saw some dramatic moves and i am afraid given the Demand-Supply Structure this Sell-Off has further to run," financial analyst Aly Khan Satchu said.
Equity Group fell by 9.03 per cent to close at Sh32.75 the lowest in 16 months.
Kenya Commercial Bank was down by 9.9 per cent to Sh29.50, the lowest level since December 2012.
Co-operative Bank closed at Sh11.95, a 9.81 per cent decline.
I&M Holdings dropped by 9.8 per cent, the worst since December 2013 to close at 96.50 while Barclays Bank was down by 8.76 per cent to close at Sh8.85.
CFC Stanbic Bank retreated by 8.125 per cent to close at Sh73.50.
Despite reporting impressive first half results this morning, Diamond Trust Bank was not spared the carnage, as it plunged by 10.69 per cent to close at Sh142. Standard Chartered Bank however went against the grain, dropping only slightly by 1.45 per cent to close at Sh204.