Total market capitalization down as Dar stock market slumps 39.1 pct

The Dar es Salaam Stock Exchange (DSE) began the new month on a low note registering an equity market turnover of 1.80bn/- being a 39.14 per cent drop as compared to 2.97bn/- recorded during the preceding week.

According to DSE data, Total market capitalization went down by 1.13 per cent to 15,39bn/-while Domestic market capitalization went down by 0.17 per cent closing at 10.19bn/-

The Tanzania share index (TSI) closed at 3,857.07 points decreasing by 0.17 per cent while the All Share Index (DSEI) decreased by 1.13 per cent to close at 1,846.89 points.

During last week’s trading session, CRDB, NMB and TPCC emerged top trading counters dominating the overall market turnover figure by 52.5 per cent, 44.3 per cent and 1.65 per cent respectively.

Price movement was recorded on four domestic traded equities with the TOL stock depreciating the most after recording 7.14 per cent drop to close at 650/- per share while NICO lost 5.71 of its value closing the week at 330/- per share.

The CRDB stock depreciated by 1.3 per cent closing at  380/-per share while the self-listed DSE stock  lost 1.1 per cent of its value closing the week at 1,800/- per share.

Market analysts however predict that overall activities in the domestic bourse will sustain a bear run as signaled by the benchmark indices’ week-on-week performance drop.

According to the Zan Securities Chief Executive Officer Raphael Masumbuko, “We expect a bearish market for Q4 as the festivities period will prompt a slight sell off. Stocks will weather the prevailing uncertainties in the market”

He added, “So far this year earnings expectations have trended upwards but current economic headwinds have introduced a significant amount of forecast risk to our estimates,”