EFE Securities •

13 years ago •

Weekly Reports

Weekly review 21.03.11

Several months ago in one of our daily market commentaries we asked the question, who will be on the buying side when foreigners begin to sell? Drawing analogies from our neighbours South Africa where two of the most significant lows in their stock markets 2002/3 and 2008/9 occurred in periods of net foreign outflows our concern was that similar market downturns would engulf the market once wide spread outflows hit. Alas, in the first week of net foreign outflows the ZSE has shown resilience with the main stream industrial index surging +2.60% to 168.20pts as local investors rose to the occasion with sustained buying pressure in market heavyweights Delta, Innscor and Meikles...