Zimbabwe Stock Exchange Goes Under Siege As International Media Focuses On Zim

Image Credit: NewsDay Zimbabwe

Zimbabwe Stock Exchange (ZSE) has gone under siege with foreign sales recording US$870,055.01 and US$486,871.22 on foreign buys today. The siege takes place as international media shows interest in the political situation in the country.

The stock exchange had US$1,922,828.78 foreign sales and US$213,162.06 foreign buys with a turnover of US$3,293,932.38 on Friday. The industrial index which was at -11.32 change has today recorded -10.48 whilst the mining index remained unchanged.

International media has been giving updates on political developments in Zimbabwe, possibly influencing the ZSE outcomes. CNN on Friday ran a headline which described the Zimbabwe situation as with “political uncertainty” a phrase that is likely to scare away investors as people want to do business with certainty.

Express UK on the same day used the phrase “Zimbabwe coup” going against remarks in a broadcast by the Zimbabwe National Army which stated that it is not a military take over. The Telegraph called the situation a “crisis” a word that reduces investor confidence.

The political situation took a new twist last week when the Zimbabwe National Army (ZNA) in a press statement stated that it has taken over the country.

General Constantino Chiwenga who leads the country’s army said that the Zimbabwe has not been progressing economically due to infighting in the ruling party, ZANU-PF hence the military intervention.

The country’s military announced that President Robert Mugabe will remain the Zimbabwe’s leader as arrests are made on “corrupt officials” in Harare’s parliament.

ZSE recorded a US$2,937,369.71 turnover today. Top losers in the stock exchange today include Seedco, Old Mutual, Delta and Lafarge Zimbabwe.

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