NAIROBI, Kenya, July 21 – Stock performance at the Nairobi Securities Exchange (NSE) was less impacted by recent protests, NSE CEO Frank Mwiti has said, coming on the back of tensions that nearly ground the Kenyan economy to a halt.
Instead, NSE CEO Frank Mwiti says that more investors joined and participated in the local exchange.
“Actually, the NSE has thrived despite some of the activity that have been happening in our country in the recent past,” Mwiti said at the Capital FM Morning Show.
“Interestingly, we have seen more local participation in our exchange and secondly, we have not seen foreign investors pulling back instead what we have seen is foreign investors I guess looking at the fundamentals of the economy whether they are still strong, whether entities that listed on the exchange are doing business that are reassuring,” he added.
A few weeks ago, business activities in Kenya were disrupted by youth-led protests to commemorate Saba Saba Day that saw shops, office buildings, and others closed as entrepreneurs and owners feared looting after goons infiltrated previous demonstrations. Customers also shied away from such establishments for fear of being caught up in deadly exchanges between protesters and anti-riot police personnel.
After protests, business activities have now resumed to normalcy across the country, offering reprieve to thousands of businesses that were hit hard.
Mwiti, however, adds that the bourse is looking to attract more young people, helping drive growth.
“If investors do not see stability, policy certainties and rule of law then that can impact the market just like any other institution but more importantly is the young people we are keen to attract and retain in our markets and so to the extent young people are keen to see changes,” Mwiti stated.
