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ZIMBABWE'S STOCK EXCHANGE FALLS TO LESS THAN 6.5M POINTS
THE ZIMBABWE Stock Exchange's mainstream industrial index fell to 6,469,171.58 points from nearly seven million points on profit taking. At the mid-morning call over recently, industrials were up 1.68 percent with a few notable gains in heavyweights like PPC, Rio Zim and Old Mutual. The rest of the market was in the red.
Minings fell to 5,779,731.51 points from an all-time high 6,177,860.00 points reached on May 14. Volumes remained strong however, as there is still an insatiable appetite for shares in the market, particularly in the absence of exciting investment options elsewhere in Zimbabwe's capital markets.
Last week the money market closed short with deficits arising from outflows of close to $100 billion which went towards the purchase of Treasury bills. But pundits say that the interest rate surge will be short-lived, especially after the shock announcement of April's inflation figure.
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