Remember my struggles in opening a CDS account? There was a huge sigh of relief to read in the papers that I could get an account through my bank at about the time government ‘infrastructure bonds’ were on offer. With renewed vigour I was there only again to be disappointed they only open CDS account for those interested in the shares market. I don’t why but to me shares are synonymous to weapons of mass destruction (derivatives?) so it is a no go zone.
Actually I couldn't’t help over hearing the discussion between a lady behind me and a bank official. It had something to do Safaricom shares she bought financed by a bank loan – she cleared the debt/loan for some reason her shares were frozen and in the process she had lost in excess of 30K. I think she was warning me indirectly if I was going to deal with shares because all that time I was filling out the form thinking the CDS account would be used in ‘infrastructure bonds’. Yes we had to tear the forms – they were useless to me.
“Disclaimer: Past performance is not necessarily a guide to future investment performance, the value of units as well as income there from may go down as well as up…”
If you have any investments linked to the NSE these are worrying times – if you are young you could easily ride out the storm (long term view). But for the older generation and pensioners it is confusing should I hold on or jump ship? Many are angry as they watch their investments fall in value – just get into these offices and see how ‘financial advisors’ are struggling explaining what is happening. I guess we never anticipated tough times ahead
PS: The group of politicians who were against Safaricom IPO are quiet, shouldn't’t they be gloating over the current scenario. It was touted as an opportunity for Kenyans to make wealth I thought it was for the masses (Kenyans made wealth I guess – stock brokers and investment bankers, or is it few in the Board at NSE?)
Safaricom shares are going for less than 3 bob – I only wish I was brave enough…
Shouldn't’t we be clamouring for changes especially at the NSE/CMA? Stock market affects us all even the most risk averse like me.
People are scared they have lost money the strategy has to be capital preservation rather than investing.
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