Foreign investors flee from Kenya over political uncertainty

Investors at the Nairobi Stock Exchange (NSE) have suffered further losses as Kenya’s main index of blue chip firms dropped 2 percent on Monday.

The NSE took a nose-dive last week after the country’s Supreme Court annulled August’s presidential election results, citing irregularities.

Investors have lost US$130 million since the ruling that was issued on Friday, with analysts saying that pension funds and insurance companies are worst affected.

In its ruling, the Supreme Court ordered the Independent Boundaries and Electoral Commission to hold a fresh presidential election in 60 days.

The IEBC on Monday then announced that the new vote would be held on October 17, a date that has received heavy criticism from the opposition.

The Raila Odinga led NASA coalition is demanding that the IEBC makes major staff changes before the vote, though the government has rebuffed such demands.