Kenyan shilling remains largely unchanged on first day of trading after repeat election

The financial markets have been relatively calm on first day of trading after two-day presidential re-run break

The Kenyan shilling remained largely unchanged from Tuesday's close on the first day of trading after the repeat Presidential poll.

The shilling opened the session at 103.75/95 against the dollar, compared to 103.80/90 on Tuesday,but still holding at a two-month low it dropped to at the end of last week.

"We expect the shilling to trade sideways as we wait for the results this weekend. We will get the direction from next week once we get a clear view of the political situation,” said a trader at a local commercial bank.

“The election was largely peaceful and having a sitting president will give a semblance of stability for the markets,” he added.

At the Nairobi Securities Exchange (NSE), trading was lacklustre when the market opened, with analysts attributing the low activity to the absence of foreign and institutional investors in the market.

Traders say that investors are keeping an eye on the repeat poll held on Thursday as they wait for the vote result and any reaction from the Opposition party.

Uncertainty over the presidential election wiped out over Sh227 billion in the capitalisation at the NSE since August 25 investors, mostly foreigners jolted by the political uncertainty,exited the market.

Financial markets are however expected to pick up in performance after Thursday's vote as uncertainty over the presidential repeat poll recedes.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

4 side effects of being a virgin for too long, according to research

4 side effects of being a virgin for too long, according to research

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Willy Paul apologizes to Kenyans on Behalf of Diana B

Willy Paul apologizes to Kenyans on Behalf of Diana B

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

Zari Hassan lectures Tanzanians over her viral black innerwear video

Zari Hassan lectures Tanzanians over her viral black innerwear video

DP Ruto's firm wins Sh190M Nairobi county gov't tender

DP Ruto's firm wins Sh190M Nairobi county gov't tender

Diana Marua hospitalized, Bahati gives update [Photos]

Diana Marua hospitalized, Bahati gives update [Photos]

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

Akothee’s message to daughter Rue as she graduates from Strathmore Uni

Akothee’s message to daughter Rue as she graduates from Strathmore Uni