Dar bourse turnover falls by Sh313bn
What you need to know:
- The equity market turnover weakened to Sh198.59 million last week compared with Sh512 million posted in the previous week.
- However, foreign investors who have been dominating the purchase accounted for 47.4 per cent only.
Dar es Salaam. Foreign purchase has decreased by 79 per cent on the Dar es Salaam Stock Exchange (DSE) as the end-of-year season is affecting business on the bourse.
The equity market turnover weakened to Sh198.59 million last week compared with Sh512 million posted in the previous week.
However, foreign investors who have been dominating the purchase accounted for 47.4 per cent only.
Stock brokers associate the movement with the holiday season for local and foreign investors.
“For foreigners, this is even more serious as they close their annual books and open up new chapters next year,” says Mr Raphael Masumbuko, chief executive officer of Zan Securities Ltd.
“We anticipate low market performance because of end-of-the- year events such as planning for annual leave, holidays and close year obligations for local institution and individual investors, and therefore we would view stock market weakness as a buying opportunity,” said the company’s weekly report.
Top trading equities that dominated the market share in the week were Tanzania Breweries Ltd at 35 per cent, CRDB Bank at 24 per cent, Swissport at 21 per cent and self-listed DSE at 14 per cent. None of the domestic equities appreciated or depreciated during the week compared to the value recorded at the end of the previous week.
