In the lead up to independence, the Kenyan stock market suffered its first free fall after the East African Trade Index wiped out almost half of its market value in two years’ time. During the colonial era Africans and Asians were not allowed to own more than a few shares in the stock market. The previous week, the East African Trade Index had closed at 169.51 points. “But the idea that buying shares is ‘capitalism’, and therefore to be shunned, should not deter those who are able to invest,” wrote The East African Standard. By this time Asians dominated the Nairobi Stock Exchange as the largest number of investors followed by Europeans while Africans trailed far behind.

Source: Standard Digital May 30, 2017 10:07 UTC