NSE halts trading hours after Kenya confirms first coronavirus case : The Standard

Trading at the Nairobi Securities Exchange was on Friday halted after benchmark index plunged at 5 per cent. This came just hours after Kenya confirmed her first coronavirus case. Trading will resume on Monday, March 17, 2020.

SEE ALSO :Listed firms hit by slowing economy

Trading was closed at 2:38PM, 22 minutes earlier than the usual 3:00PM closing time. The drop could be attributed panic-selling following announcement of Kenya’s first coronavirus case as well as high market activity that usually takes place on Fridays. With Kenya confirming the first coronavirus case, Health Cabinet Secretary Mutahi Kagwe warned traders that “this is not the time to make abnormal profits by charging abnormal prices”.

For More of This and Other Stories, Grab Your Copy of the Standard Newspaper.   Subscribe Now »

He appealed to the business community to exercise "reasonable behaviour" in terms of pricing of goods. The Government has however not yet set price limits for goods.  World stocks however bounced off their lows on Friday on hopes of more central bank stimulus and government spending, but were still set for their worst week since the 2008 financial crisis, with coronavirus panic-selling hitting nearly every asset class.

SEE ALSO :Let money circulate to stimulate economy facing many pressures

Do not miss out on the latest news. Join the Standard Digital Telegram channel HERE.

Related Topics

Nairobi Securities ExchangeCoronavirus in KenyaNSECoronavirusStock Exchange