DAR ES SALAAM Stock Exchange (DSE) equity market turnover has surged by over 30 per cent but failed to move share prices up.
The market turnover increased to 3.44bn/- for the week ending last Friday against 2.59bn/- in the week before, according to data compiled by Zan Securities.
Zan Securities Chief Executive Officer Raphael Masumbuko said the market continued with the thrust propelled from previous week momentum.
"The equities market continued with the last week momentum. "However, the surge in volume and turnover did not improve the prices," Mr Masumbuko said through the firm's Weekly Market Wrap-Up.
CRDB, the largest bank in the country, was the top market mover with 91.54 per cent of total market turnover followed by DSE and TBL, with 4.46 per cent and 2.57 per cent respectively.
DSE counter declined by 2 per cent to close at 980/- against1,000/- in last week.
DSE price decline was among many factors that pushed down total the bourse market capitalisation.
Total market capitalisation decreased by 1.21 per cent to 16.82tri/- and the domestic market capitalization decreased by 0.01 per cent to 9.01tri/-.
Tanzania share index (TSI) closed at 3,431.10 points, down by 0.18 per cent from last week. On other hand, all Share Index (DSEI) increased by 1.21 per cent to close at 2,026.95 points.
Sector Indices closed the week at different levels, two maintained same level while one sunk slightly.
The Industrial land Allied Index (IA) closed at 4,749.95 points same as the week before.
Bank, Finance & Investment Index lost 1.02 per cent to close at 2,006.94 points. Commercial Services Index closed at 2,369.12 points, same as last week.
Fortnight, Zan Securities predicted the equities market, which lost a bit of its steam that week, to stabilized.
The stock brokerage firm said that the decline was a signal that things might start to "stabilize going forward." However, the bourse had been trading on bearish mood since the beginning of the year.