Monday, August 15, 2022

Kenya’s financial market calm ahead of Raila’s swearing in

Kenyan financial markets this week was steady with the Kenyan Shilling gaining against the US Dollar despite the political atmosphere in the country.

Tuesday planned swearing in of opposition leader Raila Odinga and deputy Kalonzo Musyoka was all set despite the government warning of taking such action.

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In the past,such political occurrences have seen the weakening of the Kenyan Shilling with the investors adopting a wait and see strategy.

On Monday however,commercial banks quoted the Kenyan Shilling at 102.30 to the dollar,compared to 102.35 as at the close of market on Friday.The steady gain of the Shilling has seen portfolio investors making their way back to the market.

The dollor inflow in the market as reflected by the Central bank foreign currency reserves,rose by $62 million(Ksh 6.3 billion) last week to stand at Ksh 7.056 billion.

The NSE benchmark NSE share index rose 11.5 points yesterday to close at 3739 points.Market capitalization stood at Ksh 2.668 trillion compared to last week Ksh 2.676 with the slight drop attributed to Safaricom drop from Ksh 30 to Ksh 29.75 per share.

All eyes are however keen to see if the trend of the Shilling will continue should there be any unrest within the city.

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Slavian Mwangecho
Passionate blogger on a day to day activities happening in Kenya, Africa and around the world. A keen follower of the latest news making headlines around the world

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