The value of wealth at the Nairobi Securities Exchange (NSE) dropped by 27.5% in 2023, with NSE being ranked as the worst-performing African bourse in dollar terms in the nine months leading up to September. NSE closed the last day of the trading year with a valuation of KSh 1.439 trillion, down from KSh 1.986 trillion at the end of 2022. According to Daily Nation, 6,256 investors fled Kenya between January and September, representing 42% of the total foreigners. Why foreign investors fled KenyaFX Pesa lead market analyst Rufas Kamau told TUKO.co.ke that the unstable tax policies in Kenya were scaring away foreign investors and leading to low revenue collections for the government. At the same time, Daniel Kathali, an economist, told TUKO.co.ke that the downward trend in the all-share index, depreciating currency, and the unstable tax policies contributed to the exodus of foreign investors from NSE.

Source: Daily Nation December 31, 2023 13:55 UTC