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Kenyan Bank Shares Fall After Lending Rates Capped

Kenya
Kenya

Kenyan bank shares fell sharply at the start of trade on Thursday after the country’s president signed a law capping commercial banks’ interest rates.

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Shares in KCB Group, which operates Kenya’s biggest bank by assets, fell 9.9 percent to trade at 29.50 shillings ($0.2912) per share. Shares in Co-op Bank of Kenya and Equity Bank were down by a similar margin.

Traders said there were millions of shares on offer without matching bids.

($1 = 101.3000 Kenyan shillings) (Reporting by Duncan Miriri and George Obulutsa; editing by Jason Neely)

 

 

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Written by Bello Olusayo

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