Panic as banking stocks fall after lending rate cap
Kenyan bank shares fell sharply at the start of trade on Thursday after President Uhuru Kenyatta 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.