Dar Es Salaam Stock Exchange (DSE) has shown signs of recovery from bearish trend gripped the market since the beginning of this year. Stockbrokers are predicting the bourse turnaround after high demand noticed on industry and allied sectors fuelled by foreign investors.
The brokers’ sentiment are based on the last Friday share prices appreciation between 10/- and 100/-. Some of companies that share rally are TBL from 13,810/- to 13,850/-, DCB Commercial Bank from 490/- to 500/-, DSE 1,020/- to 1,050/-, and Swissport 6,350/- to 6,390/-.
Zan Securities Chief Executive Officer Mr Raphael Masumbuko said they are looking forward for market turnaround pushed by foreign investors demand. “We look forward for the market to recover,” Mr Masumbuko said on weekly report—the Wrap-Up.
He added: “high demand on Industrial and Allied sector attributed by foreign investors may give the market prices and volume a lift”. The report showed that key benchmark indices closed the week in the green territory.
The Tanzania Share Index (TSI), measures domestic listed firms, went up by 0.26 per cent to close the last week at 3,722.72points. Similarly, the three sector indices also ended last week in the green territory.
The indices were Industrial & Allied close at 5,186.35 points up by 0.22per cent, Banks, Finance and Investment Index experienced an increase, closing at 2,147.73 points up by 0.27 per cent and Commercial Services Sector at 3,551.41 point, up by 0.83 per cent.
Top trading equities that dominated the market share this week were DSE at 55.80 per cent, followed by TBL and CRDB Bank at 32.55 percent and 9.45 percent, respectively.
The All Share Index (DSEI) also closed at 2,619.66points, down by 2.00 percent compared with last week. However, the TSI rise was still low compared to the level it attained last July. The index recorded 4,589.28 points in July 2015 compared to 3,722.72 points of yesterday.
On other hand domestic market capitalisation jumped 0.13 per cent from 7.91tri/- at the end of last month to 7.94tri/- of yesterday. However in year-to-year basis the domestic market caps was well below last July level of 9.73tri/-.
Source: Daily News