ZSE foreign sell-offs continue

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FOREIGN investors were net sellers of shares worth $267 million on the Zimbabwe Stock Exchange (ZSE) in October, official data shows.
The data provided by the exchange shows that total foreign purchases during the month were $80,75 million, while sales came to $347,79 million. Significant net sales were recorded in Innscor, Delta and Simbisa — $97,10 million, $94,80 million and $28,82 million, respectively.

Foreign trades accounted for 21,72 percent of total turnover on the ZSE for the month. Due to Harare’s policy inconsistency, investor flight has plagued the ZSE for almost half a decade now, but starting in June — when the government introduced a currency auction system — there has been a marked increase in foreign sell-offs on the market.