Kenyan Stocks Fall Most in 4 Years as Bank Seizure Boosts Risks
- Shares in Kenya Commercial Bank drop to lowest since July 2013
- Investors seen shifting money from equities into T-bills
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Kenyan equities fell the most since August 2011 after the country’s authorities placed a second bank in two months under administration, spurring investor concern about the health of lenders in East Africa’s largest economy.
The FTSE NSE Kenya 25 Index slid 3.5 percent, a fifth day of declines that drove it to the worst closing level since Aug. 27. The losses extend a year of falling valuations as the nation’s tourism industry contracts after a spate of attacks by Islamist militants and as a drought cuts tea crops, weighing on the local currency.