(Bloomberg) -- Kenyan stocks are extending a selloff that’s taken the country’s benchmark index to the steepest losses in the world. 

The NSE’s all-share index posted the fourth consecutive quarter of decline in September, the longest stretch since 2017. KCB Group Plc, Kenya’s biggest bank by assets, capped the biggest losses, losing almost 30% during the quarter. 

Bad loans at the bank have hurt investor confidence. Kenya’s debt burden has also become a focal point for investors as the country faces skyrocketing energy and food import bills, as well as low foreign-exchange reserves. 

So far this year, Kenya’s stock benchmark has lost a quarter of its value, marking the worst performance among country indexes tracked by Bloomberg. 

“We expect the equities market to take a hit especially given the rising interest rates environment that we’re in, said Wesley Manambo, a senior associate for research at Nairobi-based Standard Investment Bank Ltd. “We just expect to see net outflows.”

Read More: Kenya’s Once-Booming Stock Market Buckles Under Dollar Shortages


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