Eyes on Supreme Court: Kenya’s Stock Market, Shilling React to Azimio’s Presidential Election Petition Filing – Tuko.co.ke
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Kenya's stock and foreign exchange markets plummeted for the first time a week after the August 9 polls.
The Nairobi Stock Exchange (NSE) lost KSh 43 billion to close trading at KSh 2.23 trillion on Monday, August 22.
This came after the Azimio One Kenya Alliance coalition party filed the presidential election petition at the Supreme Court.
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Raila Odinga and Martha Karua challenged the Independent Electoral and Boundaries Commission (IEBC) declaration of William Ruto as president-elect.
The already weakening Kenya Shilling depreciated to a new low against the US dollar to trade at KSh119.75 units.
The shilling went down by 4 units from KSh 115.8 units reported in April 2022.
Government bonds sold at a low of 2 cents on the dollar
According to Business Daily, the petition could push government transition to weeks, leaving investors thrown into uncertainty.
Earlier, TUKO.co.ke reported that following the petition filing, the Supreme Court, led by Chief Justice Martha Koome, will hear and determine the case within 14 days.
According to the Supreme Court timelines, the petitioners have 24 hours, that is, until the end of today, Tuesday, August 23, to serve the respondents.
Upon being served, the respondents have four days to respond to issues raised by petitioners. This means they must file their responses no later than Saturday, August 27.
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The petitioners will have 24 hours to review the responses filed by respondents and file a rejoinder on or before Sunday, August 28.
On Monday, August 29, interlocutory applications will be filed and served by both parties.
This is where parties request the court to make certain orders and guidelines on the case proceedings.
On Tuesday, August 30, the apex court led by Chief Justice Martha Koome shall respond to the interlocutory applications.
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Source: TUKO.co.ke
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