Activities on the Dar es Salaam Stock Exchange (DSE) ended the week on negative territory with crucial market indicators dropping as foreign investors cut trading.
According to the DSE, the Tanzania Share Index (TSI) closed at 3,887.03 points decreasing by 0.60 per cent while the All Share Index (DSEI) decreased by 2.22 per cent to close at 1,873.24 points.
Total market capitalization on the other hand went down by 2.22 per cent to 15.61bn/-while Domestic market capitalization also went down by 0.6 per cent closing at 10.27bn/-
Data shows that Tanzania’s equity market slumped by 86.1 per cent recording a total turnover of 1.13bn/- during last week’s trading session as compared to 8.22bn/- recorded during the preceding week.
Analysts at Zan Securities, expressed optimism that the market would maintain mixed performing.
According to the Zan Securities Chief Executive Officer Raphael Masumbuko, “market activities will sustain a period of plateaued growth towards the end of Q4 as it has been customary for this period of the year,”
Masumbuko noted that the market sustained a bear run as signaled by the benchmark indices’ week-on-week performance drop.
The top trading counters during last week were TPCC, CRDB, VODA, and NMB dominating the overall market turnover figure by 34.5 per cent, 26.7 per cent, 23.1 per cent and 11.4 per cent respectively.
The CRDB stock also lost 2.5 per cent of its value closing the week at 390/- per share while the NMB stock registered 2.07 per cent depreciation closing the week at 2,840/- per share.
Price movement was recorded on five domestic traded equities during the week with the MCB stock the depreciating the most after regiatering a 9.72 per cent fall to close at 325/- per share while the TCCL/Simba stock lost 3.8 per cent of its value closing the week at 1,520/- per share.