Markets Remain Calm Ahead Of Nasa’s IEBC Protests

markets, iebc
Nairobi Stocks Exchange
markets, iebc
Nairobi Stocks Exchange

On Monday, the financial markets remained calm ahead of the planned Independent Electoral and Boundaries Commission (IEBC) protest set to be carried out by the National Super Alliance (NASA) coalition.

According to reports the protest is set to take place in several cities especially Nairobi’s CBD where the IEBC headquarters are located.

On Monday, the shilling remained stable against the dollar exchanging at 103.25 units.

The stock market was down at close of trading, shedding Sh 2.8 billion in market capitalization to stand at Sh2.428 trillion, while the benchmark NSE 20 share index was down 0.4 per cent or 14 points to close the day at 3,750 points.

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President Uhuru Kenyatta issued a stern warning to NASA regarding the protest saying the government will not condone any disruption in the lives of other Kenyans.

“People are free to demonstrate, but they must ensure that they do not destroy other people’s property. Mama mboga’s vegetables will not be destroyed. Businesses will not be attacked. Let them not think that they will break into other people’s shops and interfere with the daily routine of other Kenyans. That, we shall not allow,” he said, adding that they (opposition) “must decide whether they want to be the adjudicators or the candidates because they cannot be both,” said the President.

The prolonged political period could threaten the countries economic growth which has reportedly been down in comparison to 2016.

According to Citi, the political uncertainty is capable of causing economic growth for the year to fall below five percent.

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Written by Kahawa Tungu


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