Kenya Shilling and Eurobond has fallen by 0.5% and 0.4 % respectively at the Foreign Exchange Market.
This is sequel to the protests in the country which causes a standstill in business activities in various part of Kenya.
Despite these declines, the stock market remained largely unaffected. The NSE 20 Share Index rose by 13.79 points to 1710.92, and the All Share Index NASI gained 0.10 points to close at 110.23.
However, the NSE 25 Share Index and the NSE 10 Share Index saw minor declines, closing at 2912.28 and 1139.26, respectively.
The bond market was active, with bonds worth KES 13 billion traded, while the equities market recorded a volume of 13 million shares worth KES 310 million.
Largely composed of the youth, the protestors are demanding an end to government wastage through budgeted corruption, as well as an end to police brutality and abductions.
Protesters stepped up demands for President William Ruto to resign, despite his recent concessions such as dropping the controversial Finance Bill 2024, firing his entire cabinet, and the resignation of the head of the police force.
“President William Ruto sought to quell the unrest by scrapping the proposed taxes after demonstrators stormed parliament on June 25. In response to the demonstrations, he also sacked almost his entire cabinet and accepted the resignation of the chief of police.”
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