Today's M^3 - Kenyan Stock Market Down 18% in the Past Week

The Nairobi NSE 20 Share Index is down over 18% for the week and yesterday experienced a one day decline of 17%. When I first saw the number I searched around for some news but didn't find any mention anywhere so I suspected that it might be a bad print. However the Nairobi Stock Exchange website shows the current index value as 3335 so it looks like it's valid. Neither their website nor their twitter feed makes any special mention of the drop so it makes one wonder how large of a one day move it actually takes to get some notice.

The Kenyan market is by far the worst performer globally over the past 7 days:



Here's the line chart doing its Acapulco imitation:



(Click on the charts for a larger view.
Click here for the current performance of global equity indexes.
Click here for the current performance of the Nairobi NSE 20 Share Index.)