The stock market is staring at increased competition for capital from the local fixed-income market on rising interest rates on bonds as the government races to bridge the underperformance in its domestic borrowing programme for the fiscal year.
The Nairobi Securities Exchange (NSE) has already endured a bruising year in terms of foreign investor exits, recording net outflows of Sh19.3 billion in the nine months to September, up from Sh2.05 billion in the similar period a year earlier.
