Nairobi, Jan. 5 -- Foreign investors yanked Sh23.9 billion out of the Nairobi Securities Exchange (NSE) in 2022, the highest outflows in three years, as they took flight from the market on heightened global risks.

The annualised portfolio outflow from domestic equities was the highest since 2020 when foreign investors withdrew Sh28.6 billion from local stocks on Covid-19 shocks.

The net selling position is the third in consecutive years with the last year of net inflows coming in 2019.

Exits by foreign investors served to drive down stock valuations with blue-chip companies leading the way in losses for the year.

For instance, Safaricom which represents the largest stock at the NSE by average market capitalisation, shed 36.4 percent o...