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DSE turnover plunges by 36 pc to clutch on bearish rally

DAR ES SALAAM Stock Exchange lost its steam and plunged by 36 per cent in the week ending last Friday to continue trading on bearish mood since January.

However, some stock market analysts are upbeat that the exchange is walking to bright days ahead.

The equities market turnover, according to Zan Securities’ Weekly Market Wrap-Ups, declined to 2.39bn/- against 3.77 bn/- in the week before.

Zan Securities Chief Executive Officer Raphael Masumbuko said the bourse lost its steam last week but that signaling stabilisation going forward.

“The equities market lost a bit of its steam this week, however, the decline was a signal that things might start to stabilize going forward,” Mr Masumbuko said in weekly report.

During the week under review, price movement was recorded on DCB bank and DSE. DCB value dropped by 7.81 per cent, closing off the week at 295/- per share and DSE lost 1.96 per cent to close at 1,000/- per share.

While, TBL was the top market mover with 85.55 per cent of total market turnover followed by CRDB with 12.19 per cent.

The price south-ward movement affected total market capitalization that decreased by 1.57 per cent to 19,67tri/- and domestic market capitalization declined by 0.03 per cent to 9.011tri/-.

Also, Tanzania share index (TSI) closed at 3,431.28 points, down by 0.18 per cent from last week while All Share Index (DSEI) declined by 1.57 per cent to close at 2,040.71 points Industrial & Allied Index (IA) closed at 4,749.95 points same as the week before.

Bank, Finance & Investment Index lost 0.99 per cent to close at 2,007.55 points while Commercial Services Index closed at 2,369.12 points, same as last week.

On government securities the report said the Treasury Bill sold mid last week indicating a further decline in rates ahead.

“We do not expect this bloodletting to stop in this year and we think investors should brace for more storm in the next bills auction.

“We expect the Bank of Tanzania (BoT) to loosen a bit of its grip on rates in the next week auction for 10 years Treasury bond” Mr Masumbuko said.

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Mwandishi: DAILY NEWS Reporter

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