NAIROBI, Oct. 4 (Xinhua) -- Kenya's securities market has remained resilient despite challenges arising from a tough global economic environment caused by the hiking of benchmark rates in developed markets, the Nairobi Securities Exchange (NSE) said Wednesday.
The NSE said that despite the negative macro-environment, the equity turnover on the bourse rose to 59 billion Kenyan shillings (about 397 million U.S. dollars) for the first half of 2023, an increase from the 364 million dollars recorded over a similar period in 2022.
"This growth signifies that beneath the recent market challenges, there remains enduring interest and resilience within Kenya's equity markets," the NSE said in a press release issued in Nairobi, the capital of Kenya.
The bourse also noted that the fixed-income securities market has experienced significant growth, with the value of bonds traded reaching a two-year high in September. This surge in fixed-income trading activity underscores the depth and potential of the country's capital markets, extending beyond equities, according to the NSE.
The rate hikes in the developed world have led investors to flee from developing economies like Kenya, destabilizing stock and forex markets.
Kenya's securities market is among the leading exchanges in Africa, offering five public market platforms and a private one, as well as trading and capital raising opportunities through equities, government and corporate bonds, green bonds, exchange-traded funds, derivatives, real estate investment trusts, and unquoted securities. ■
