Nairobi, Jan. 26 -- Investors in Kenya's stockmarket counted paper losses after Ksh203 billion ($1.86 billion) of their wealth was wiped out on the Nairobi Securities Exchange (NSE) last year largely as a result of weak corporate governance and the Covid-19 pandemic that hurt corporate earnings and dimmed dividend prospects and foreign investments.
Latest data by the Capital Markets Authority shows that the total value of listed firms - market capitalisation - declined from Ksh2.53 trillion ($23.21 billion) in 2019 to Ksh2.33 trillion ($21.37 billion) in 2020 as most foreign investors sold more shares than they purchased, resulting into a net outflow from the bourse valued at Ksh28.63 billion ($262.66 million).
Equity turnover fell from K...