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DSE turnover surges three times in 7 days

DAR ES SALAAM Stock Exchange (DSE) turnover surged three times in a week ending last Friday, which is a good starting point for quarter one of next year.

The equities market turnover surged to 9.06bn/- from 3.44bn/- in the week before. However, stock analysts project that the surge may not continue though it’s a good sign for bullish market in next year’s first quarter.

Zan Securities Chief Executive Officer Raphael Masumbuko said the week turnover surge was attributed to TBL counter.

“Will this surge continue? We do not think it will,” Mr Masumbuko said in a Weekly Market Wrap-Up and added: “However, we think it is a good starting point for the first quarter of 2020”.

In another development, Mr Masumbuko said next year might offer “a life line for the DSE as we expect” an increase in government expenditures and also some certainty in global trade.

The new life expecting to change the current tempo of stock price stagnation of banking stocks and easing liquidity challenges the bourse is facing.

He said DSE was not alone facing liquidity challenges since is common for all frontier markets as investors shunning these bourses in favour of developed markets.

“The investors are shunning these markets in favour of more developed markets in these times of heated trade war between the US and China and Brexit,” Mr Masumbuko said.

In the week ending last Friday, TBL was the top market mover with 97.41 per cent of total market turnover followed by CRDB with 2.38 per cent.

“No price movement was recorded on any counter,” the report showed. Total Market capitalization increased by 0.57 per cent to 16.92bn/- while the domestic market capitalization stayed same at 9 01bn/-.

Tanzania share index (TSI) closed at 3,431.10 points, same as last week while All Share Index (DSEI) increased by 0.57 per cent to close at 2,038.52 points.

Sector Indices closed namely Industrial and Allied Index (IA) closed at 4,749.95 points same as the week before.

Bank, Finance and Investment Index lost the same at 2,006.94 points and Commercial Services Index closed at 2,369.12 points, same as week before.

THE Minister for Minerals, Doto Biteko has urged ...

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Author: ABDUEL ELINAZA

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