Market capitalisation now stands at Sh2.349 trillion, down from Sh2.479 trillion at the close of trading on Thursday last week.
The uncertain political climate saw the benchmark NSE 20-share index shed 80 points Monday to close at 3,806 points
Safaricom closed at Sh24 a share Monday, shedding 25 cents with 54 million shares changing hands.
Investor wealth at the Nairobi Securities Exchange (NSE) #ticker:NSE fell a further Sh38 billion Monday as the bourse continued to reel from aftershocks of nullification of the presidential poll by the Supreme Court Friday.
Pension funds, whose equity investments recently rose to 21.5 per cent, and insurers are expected to take major hits.
The cumulative erosion of market capitalisation at the exchange has hit Sh130 billion in just two trading sessions, with the bourse having shed Sh92 billion on Friday as it reacted sharply to the destabilising news.
Market capitalisation now stands at Sh2.349 trillion, down from Sh2.479 trillion at the close of trading on Thursday last week.
Investors, mainly foreigners, continued selling off shares largely on blue chip counters which carry heavier weight on the main indices.
Mostly foreigners
The uncertain political climate saw the benchmark NSE 20-share index shed 80 points Monday to close at 3,806 points, while the All Share Index closed 2.6 points lower at 160.3 points.
“Most sellers were foreigners selling Safaricom, #ticker:SCOM Bamburi #ticker:BAMB and Equity Bank,#ticker:EQTY just like they did on Friday. The foreign investors accounted for 74 per cent of total market activity,” said Genghis Capital analyst Grace Wangeci.
“Local investors were buying but not strongly, as they were waiting to see the way forward on the political front. We expect, however, that the market will stabilise before the end of the week.”
Total equity turnover at the bourse remained high at Sh1.68 billion compared to Friday’s Sh1.64 billion.
Safaricom closed at Sh24 a share Monday, shedding 25 cents with 54 million shares changing hands. The counter was the leading mover with a turnover of Sh1.3 billion.
Bamburi closed the day 2.7 per cent or Sh5 lower at Sh180 a share, having traded 626,400 shares for a turnover of Sh112.8 million.
In the banking sector, seven out of the 11 listed lenders saw their share prices decline.
Equity, KCB #ticker:KCB and Co-operative Bank #ticker:COOP lost 0.6, 5.1 and 4.2 per cent respectively to close the day at Sh40, Sh41.50 and Sh16.
While the stock market continued to feel the effect of the court ruling, the shilling showed stability in trading Monday.
Commercial banks quoted the currency at an average of 103.25 units in afternoon trading, unchanged from the closing average recorded on Friday.
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