Foreign investment in Kenyan stocks has hit a six-year low, with the Nairobi Securities Exchange recording only 30.1% in foreign investment in March, according to data from the Capital Markets Authority. In 2022, foreign investors withdrew $170m from the Kenyan stock market citing escalating global risks, with last year's stock market crash worsening the situation. Usual top performers such as Equity Bank, Kenya Commercial Bank, and Co-operative Bank of Kenya all recorded a devaluation in share prices. Solomon Kariuki, an analyst for AIB-AXYS, said that foreign investors were seeking better returns from markets in Nigeria, Zimbabwe, and Mauritius. Kenya's stock market has also been hit by a reduced appetite for African capital markets following a hike in interest rates in developed markets.

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