ZSE turnover declines 12 percent

HARARE - Zimbabwe Stock Exchange (ZSE)’s monthly turnover for July declined by 12 percent to $25,22 million while lurching 42 percent lower year-on-year, a recent report by EFE Securities has shown.

The equities advisory firm noted that the monthly decline was against a dearth in local demand as the liquidity crunch continues to worsen.

Market experts assert that the local bourse’s performance mirrors the country’s struggling economy.

The World Bank, in its June 2014 report downgraded Zimbabwe’s growth rate to two percent from earlier projections of three percent, while Finance minister Patrick Chinamasa also recently slashed his ambitious 6,1 percent economic forecast to 3,1 percent due to declining aggregate demand in the economy.

Listed companies’ financial results for the year ended March 31, 2014 have been mostly negative as the economic situation in the country continues to worsen.

EFE Securities, however, noted that foreign inflows however went up four percent to $15,57 million on renewed foreign interest in blue chip stocks.

“Five of the top traded stocks by value were all heavy caps and were mainly purchased by foreigners who splurged 83 percent of their funds among those preferred counters.

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