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Dar stock market to sustain bearish sentiment

by Editor
24/10/2022
in Markets
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Dar stock market to sustain bearish sentiment
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Analysts on the Dar es Salaam Stock Exchange (DSE) said mixed sentiments will continue in the market this week, as investors continue to search for value in challenging economic times.

According to the Zan Securities Chief Executive Officer Raphael Masumbuko, the local bourse has registered a succession of downward slump in Q4, 2022 as compared to a bullish performance exhibited in Q3, 2022.

“We expect the market to register typically low trading volumes approach the holiday season. Furthermore we see a bearish market for Q4 as the festivities period will prompt a slight sell off but stocks will weather the prevailing uncertainties in the market,” he said.

Stock brokers at the Dar es Salaam Stock Exchange. Price movement was recorded on three domestic traded equities during the week with NMB being the lone positive price mover, as its stock gained by 2.17 per cent to closing the week at 2,820/- per share. PHOTO / COURTESY.

Masumbuko noted that so far this year, earnings expectations have trended upwards but current economic headwinds have introduced a significant amount of forecast risk to the estimates.

Meanwhile, the DSE equity market continued its bearish run last week posting an equity turnover of 508.3m/- as compared to 623.3m/- recorded the previous week.

Available data from The DSE however shows that Total market capitalization went up by 2.45 per cent to 15.65bn/- while the Domestic market capitalization went up by 0.26 per cent closing at 10.17bn/-

The Tanzania share index (TSI) closed at 3,850.38 points increasing by 0.26 per cent while the All Share Index (DSEI) increased by 2.45 per cent to close at 1,878.81 points.

CRDB and NMB emerged the top trading counters dominating the overall market turnover figure by 79.8 and 16.33 per cent respectively during the week’s trading session.

Price movement was recorded on three domestic traded equities during the week with NMB being the lone positive price mover, as its stock gained by 2.17 per cent to closing the week at 2,820/- per share.

Two domestic counters, including the self-listed DSE sold off the most depreciating by 5.56 per cent to close the week at 1,700/- per share while NICO lost 4.35 per cent of its value closing the week at 330/- per share.

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