Equities: Look Out Below

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Our outlook for Kenya's Nairobi Stock Exchange-20 (NSE-20) equity index remains bearish, notwithstanding scope for a short-term rally. The market has now fallen by 28.7% since early June, and is once again testing the key 4,000 support level. Indeed, losses on October 8 were so severe that trading was temporarily halted, in accordance with the bourse's rule that a 15 minute suspension takes place when the market falls by over 5% in one trading session.