• Home business Foreign purchases surge to 9,5% on the ZSE

    Foreign purchases surge to 9,5% on the ZSE

    By Newsreport.co.zw | Published: 17 May 2022

    THE proportion of foreign purchases on the Zimbabwe Stock Exchange (ZSE) rose to 9,5% signifying good returns on the local bourse as all the ten indices recorded growth, Reserve Bank of Zimbabwe (RBZ) latest data has reviewed.

    The report which covers the period of March 2022 says the proportion of foreign purchases to the value of shares traded increased to 9,5 %, during the month under analysis, compared to 8,25% recorded in February 2022.

    “The net foreign position improved to a surplus of ZW$40.92 million in March 2022, from a deficit of ZW$162.50 million recorded in the previous month.

    “During the month under review, the Zimbabwe Stock Exchange (ZSE) was characterised by bullish sentiment. Consequently, all the major indices registered gains,” said RBZ. During the month, the all share, Top 10, Top 15 and Medium Cap indices increased by over 5% each across the indices.

    The resources index also rose by 21,39%, to close at 11 289,34 points in March 2022, from 9 300,03 points recorded in February 2022.

    The cumulative volumes of shares traded on the ZSE however declined by 24,64% to 117,82 million shares, compared to 203,63 million shares traded in February 2022.

    Despite the decline in the volume of shares traded, the value of the shares rose by 2,59% to ZW$8,19 billion.

    Analysing the statistics, top economist, Doctor Prosper Chitambara said the developments signifies that the ZSE continues to be highly profitable.

    “The trends are that locals are actively involved in purchases at the local bourse as a way of hedging against inflation while foreigners are also attracted to the market because of good returns.

    “Going forward this simply shows that the market has the potential to attract more investment depending on the policy makers’ willingness to address the country’s risk factors,” he said.

    Source NewsZimbabwe

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