Kenyan bank shares fall after lending rates capped

by Reuters 25 views0

Kenyan bank shares fall after lending rates capped

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.

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.