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DSE performance plunges down

DAR ES SALAAM Stock Exchange (DSE), continued with low performance last week as the turnover slumped to 66.56m/-due to the impact of coronavirus outbreak.

DSE equity market since the beginning of last month succumbed to coronavirus effect that had triggered circuit-breakers for some global and regional markets such as Kenya's Nairobi Securities Exchange and US New York Exchange to avoid panic selling.

The market turnover dropped to 66.56m/-to a week ending last Friday against previous week’s 95.68m/-.

Zan Securities Chief Executive Officer (CEO), Raphael Masumbuko attributed the weekly low turnover to effect of deadly coronavirus that have infected over one million people globally.

"The equity market continued with low performance as all markets are still grappling with the effect of COVID-19," Mr Masumbuko said in the firm's weekly market wrap-ups.

Mr Masumbuko said during the week under review price movement was recorded in one domestic listed equity, Twiga cement.

The price movement was noticed in Twiga counter that lost 0.91 per cent of its value to close at 2,180/-per share.

Despite southward price movement, total market capitalization increased by 1.03 per cent to 14.59tri/-while the domestic market capitalisation stayed same at 9.14tri/-.

On key benchmark indices closed Tanzania Share Index (TSI) closed at 3,482.74 points, which was 0.04 per cent down.

On other hands All Share Index (DSEI) increased 1.03 per cent to close the week at 1,757.59 points.

Sectorial indices which showed a mix trend were Industrial and Allied Index (IA) closed at 4,775.53 points, 0.07 percent down.

Bank, Finance and Investment Index closed at 2,150.05 points like the week before and Commercial Services Index closed at 2,362.38 points, same as last week.

According to World Economic Forum, fortnight ago, the stock market has responded to the COVID-19 pandemic with worrying volatility, as traders have panic-sold out of fear.

"As a result of the recent turmoil, the market-wide circuit-breakers that attempt to prevent panic-trading, have been triggered four times alone last month," World Economic Forum said mid last month

DAR ES SALAAM Stock Exchange's ...

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Author: ABDUEL ELINAZA

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