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Investors lose Sh10bn as stocks tumble

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Investors’ wealth at the Nairobi Securities Exchange (NSE) declined 5% in one week following drop in prices of various stocks.

Market capitalisation, which measures shareholders’ wealth, went down by nearly Ksh 10 billion to Ksh 2.7 trillion on Friday last week from Ksh 2.8 trillion at start of the week pulled down by a bear-run, data from the market showed on Monday.

The biggest decline of the index was recorded on Thursday when the bourse forfeited Ksh 17.9 billion to end at Ksh 2.7 trillion.

Decline in stock prices have been recorded across the board but mainly on counters in the energy and petroleum, telecommunications and technology and construction and allied sectors.

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Some of the stocks whose prices have gone down include Safaricom, Nation Media Group, Kengen, Athi River Mining and Kenya Airways.

Market capitalisation hit a peak of Ksh 2.9 trillion early April but has been on a downward trend since, with stock brokers attributing the current decline to correction of share prices.

Foreign investors, who account for the bulk of the trading at the market, have mainly been sellers during the period, disposing Safaricom and bank stocks, mainly Kenya Commercial Bank and Equity Bank.

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