The Nairobi Securities Exchange (NSE) experienced a downturn on March 23, 2026, as seen by the broad-based sell-off that saw major indices plummet. The Nairobi All Share Index (NASI) dropped by 2.8% to close at 203.63 points, a sharp decline from the 209.42 points recorded on March 19.
This bearish momentum was largely driven by heavy losses in large-cap stocks, including Safaricom, Equity Group, and KCB Group, all of which saw declines exceeding 4.0% in a single session. This retreat can be attributed to foreign investor profit-taking following a recent market rally, compounded by ongoing geopolitical tensions in the Middle East.
NSE Top Gainers and Losers
Liberty Kenya led the gainers with a 2.0% daily gain to close at KES 10.10, followed by the Nairobi Securities Exchange at KES 20.95, a 1.5% apprecition. Sanlam Kenya also saw positive movement, rising 1.0% to KES 10.35. Other modest gains were recorded with Car & General and Kenya Airways both edging up by 0.7% to close at KES 68.00 and KES 5.46, respectively.
The ABSA New Gold ETF was the day’s biggest loser, plummeting 13.0% to KES 5,435.00. Sameer Africa dropped 7.2% to KES 16.65, Unga Group fell 6.6% to KES 27.80, Sasini recorded a 5.9% loss, closing at KES 25.60, and Standard Group declined 5.0% to KES 6.02. These losses contributed to a 2.8% drop in the Nairobi All Share Index (NASI), which closed the day at 203.63 points.
The market activity rose significantly even as share prices faced a downward trend. Total equity turnover surged by 37.9% to reach KES 785.98 million. This heightened activity was further evidenced by the volume of shares traded, which climbed 19.3% to 26.27 million shares. However, the broad sell-off resulted in the erosion of value across blue-chip counters, causing Market Capitalization to decline by 2.8% to settle at KES 3,376.96 billion.
Foreign investors remained net sellers, with net outflows widening to KES 193.67 million. This represented a 63.2% increase in selling pressure from the previous trading session. This sell-off has likely been driven by profit-taking following a recent market rally, alongside dampened investor sentiment.
Indices across the board closed in the red with the NSE 10 Index experiencing the most significant hit, falling 3.1% to 2,157.78 points. The Banking Sector Index also retreated by 2.4% to 235.49. The secondary bond market also saw a cooling of activity, with bond turnover declining by 47.0% to KES 14.52 billion.
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Also read: NSE Week 12: NASI Falls 0.9% as Foreign Outflows Persist
