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Tuesday 15 June 2021
HomeAfricaZim Stock Exchange plunges over election results' uncertainties

Zim Stock Exchange plunges over election results’ uncertainties

The industrial index of the Zimbabwe Stock Exchange (ZSE) plunged 25.64 points to close at 205.57 points, on the back of losses in heavyweight counters, as uncertainty gripped the local bourse following a dispute over last week’s elections.

According to the local daily Newsday on Tuesday, ZSE’s main index closed 11% down to 205 points Monday, while the mining index fell by two percentage points to close the day at 65 points.

ZSE Chief Executive Officer Alban Chirume attributed the plunge to uncertainty surrounding the outcome of the election.

“The various political statements made have made players unsure what the position is and brought in turbulence. The market may settle on the back of provision of direction,” the paper quoted Chirume as saying.

Main opposition leader Morgan Tsvangirai, who scored 33% of the votes to trail President Robert Mugabe, who was declared winner with 61%, has rejected the results on the basis of alleged irregularities with the voting as well as the voters’ register.

PANA reports that Tsvangirai’s call for fresh elections has not found much resonance in the southern African region, where regional powerhouse South Africa and others, including Zambia, have endorsed the outcome.

But some Western nations, including the US, UK and Australia, have concurred with Tsvangirai, saying the results did not reflect the wishes of the Zimbabwean people

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