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DAR ES SALAAM Stock Exchange (DSE) foreign participation has dropped further to 4.04 per cent as investors still grappled with returns uncertainties since Covid-19 outbreak.
The foreign investors into the market went down to 4.04 per cent in the week ending last Friday compared to 19 per cent during the previous week.
Orbit Securities said foreign investors accounted for 4.04 per cent of the total investment while local investors accounted for 100 per cent of total divestments from the market.
“Foreign investors are still grappling with uncertainties brought by the novel coronavirus,” Orbit, largest stockbrokerage firm, said.
The total equity turnover during the week under review went down by 37 per cent as activities remain dull on DSE due to the coronavirus.
Tanzania Securities projected in its Weekly Market Blast report that the bourse activities may pick up this week but subjected to decline of Covid-19 cases.
“… As the Covid-19 cases keep declining we anticipate local investors to dominate the market and stock market recovery…
“And, the market performance to be maintained by the active local counters in terms of volume, turnover, and price movements in the bourse,” Tanzania Securities report said.
Tanzania Securities, one of largest stockbrokerage firm, said in the industrial and allied segment, Twiga Cement is anticipated to remain active during this week while in the banking, Finance, and Investment segment DSE Plc and CRDB Bank will maintain their activeness in the market with the lower volatility in their share prices.
In the week ending last Friday, the bourse top mover was Twiga Cement, a spot taken from CRDB.
Twiga moved 4,040 shares, mostly at an average price of 2,000/-. Twiga accounted for 49.4 per cent of the total equity turnover, followed by CRDB which accounted for 31.2 per cent of the total equity turnover.
The market recorded a decrease in volume to 46,220 shares from 28 deals from 106,685 shares generated from 52 deals in the previous week.
Total turnover decreased by 37.09 per cent to 16.37m/- from 26.02m/- in the previous week.
Source: All Africa