Banking stocks fall after lending rate cap

The banking sector shares fell sharply Thursday morning after President Kenyatta assented to the Bill capping lending interest rates.

Major banks such as KCB and Co-op and Equity Bank stocks were down by 10 per cent wiping out millions of shareholder wealth as the market filtered in the consequences of the dramatic move.

Traders told Reuter that there were millions of shares on offer without matching bids.

Welcome!

You're all set to enjoy unlimited Prime content.