Six counters at NSE hit record low on foreign investor flight

Six counters at the Nairobi Securities Exchange today dropped to over a decade low as foreign investors continued to flee the local market.

Although general trading slightly improved, with market capitalization returning to Sh2.3 trillion margins after sliding to Sh2.2 trillion on Monday, various counters recorded their worst performance, with some sliding to an all-time low.

According to NSE's trading summary, Nation Media Group share price dropped to an all-time low of Sh27 during trading hours before regaining to Sh28.20.

The CIC share value dropped to a record low of Sh2.30 two hours to closing time before rising to close at Sh2.40 compared to Sh2.43 the previous day.

Kenya Airways (KQ) slumped to an all-time low of Sh1.76 at some point during the trading session before recovering to Sh1.88, lower than Sh1.92 posted Tuesday.

The country's power distributor, Kenya Power, whose share price has been plummeting for two years now hit an 18 year low of Sh2.13 compared to Sh2.20 posted Tuesday.

On Monday, investors at the Nairobi bourse lost Sh125 billion in paper wealth as foreign investors exited the market, opting to stock their investment closer home and in high net countries.

Safaricom Plc which controls over 50 per cent of activities at NSE saw its share price declined 7.2 per cent –one of its largest drops in 10 months— to Sh27.35.

Other blue-chip firms including East Africa Breweries Limited, KCB Group and Equity Group also registered significant drops.

Stocks globally have been tabling since last month as coronavirus menace now claim 4370 people globally, affecting 121,250 others in over 100 countries.