ZSE foreign activity declines

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FOREIGN activity on the Zimbabwe Stock Exchange (ZSE) declined by 33 percent to $1,15 billion in May.
This was despite a 27 percent increase in overall turnover to $3,9 billion. Purchases by foreigners amounted to $332 million compared to $363 million in April, while sales declined to $816 million from $1,34 billion. Analysts say the decline in foreign selloffs put some pressure on supply of equities in May and added some steam to the market’s rally during the month.

“There is the fact we have had foreign portfolio investors exiting the market for almost a year now and their share of the floats of the listed companies is dwindling, therefore the supply-side of scrip is smaller,” equities analyst Rufaro Zengeni said on a recent webcast.