DAR ES SALAAM Stock Exchange has experienced business gain after local investors dominated the market for both buying and selling sides last week.
The local dominance pushed the bourse turnover to almost ten folds for the week ended last Friday.
Orbit Securities said in its weekly market synopsis that despite local investors to dominate the market accenting for 77.62 per cent buying d 69.49 per cent selling but were mainly net buyers.
“Local investors dom- inated the market on both buying and selling sides but remained net buy- ers while accounting for 77.62 per cent and 69.49 per cent of total investments and divestments,”
Orbit said in the weekly synopsis issued yesterday. Divestment is the pro- cess of selling subsidiary assets, investments or divisions in order to maxi- mize the value of the parent company.
TBL retained the top mover spot swiftly, accounting for 98 per cent of the total equity turnover realized during the week after moving 816,605 shares in “a pre-arranged deal,” Orbit said.
While, CRDB Bank took a back seat from TBL during the week, realizing 80.79m/- accounting for 1.08 per cent of the total equity turnover from 807,887 shares traded.
Total equity turnover reported during the week increased ten times to 7.5bn/-from 761.7m/-reported during the previous week.
“The number of shares [exchanging hands] however went down to 1.7million from previous week’s 7.5million as less TBL’s higher price shares commands more turnover than low priced equities,” Orbit said.
The Tanzania Share Index (TSI), went down by 4.07 points to 3,291.83 points at the end of the week following a 0.12 per cent drop in the domestic market capitalization.
Domestic market capitalization at the end of the week to close at 9.06tri/- compared to 9,07tri/-. The domestic market cap was pulled down by Twiga Cement and Mkombozi Commercial Bank price dropping.
Twiga dropped by 2.91 per cent to 2,000/-by the end of last Friday after moving 22,512 shares to realize a turnover of 45m/-. While Mkombozi also dropped by 2.5 per cent to 780/-thanks to new trading rules that relaxed price movement constraints.
Mkombozi moved 1,235 shares to realize a turnover 0.96m/-. The All Share Index (DSEI), lost 32.5 points to close the week at 1,943.43 points following a 1.65 per cent drop in the total market capitalization due to a drop in prices of high capitalization cross listed counters.
The total market capitalization closed the week at 19.15tri/- from previous week’s 19.47tri/-