NSE falls on account of bear-run in US

NSE falls on account of bear-run in US

- in Business, News

All indices at Nairobi Securities Exchange are trading on the negative, a spill over effect from negative trading at the US Markets on Wednesday.

As at 10:00 am today, the Nairobi all share Index had shed 1.76 points to settle at 179.62 while the NSE25 had shed 55 basis points to settle at 4518.68.

Biggest movers of NSE20 Including Safaricom, Equity Bank and Kenya Commercial Bank had tumbled making the top index to trade in red.

It had shed 12 basis points to settle at 3755.59 points by the time of going to press.

At the same time, 51 counters out of the listed 68 remained unchanged. Eight counters were trading on the negative while the remaining nine had gained.

By 11:40 am today, 17 counters were trading on the negative, while 15 of them had gained. Thirty-one counters still remained unchanged.

According to BBC News, US stocks suffered their worst falls in more than six years on yesterday in a sell-off sparked by concerns of higher interest rates.

They said the sell off accelerated on Friday when the US Labour Department released employment numbers which showed stronger growth in wages than was anticipated.

According to Financial Analyst and Rich TV chief executive Aly Khan Satchu the huge fall at NSE is a belated reaction to the US market negative trading which has affected top exchanges across the globe.

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