Hotel and properties stocks were among the worst performers by close of day yesterday on the Zimbabwe Stock Exchange (ZSE) as the local bourse endured a tough week with market capitalisation tumbling by nearly a billion dollars.
Amongst the top 5 losers on the bourse were hoteliers, African Sun limited (-18.27 percent) and Meikles Group ( -9.57 percent) while real estate firms, Zimre Properties (-14.89 percent) and Dawn Properties (-11.36 percent) also fell in value.
Weeks ago, African Sun announced it was shutting 14 of its hotels and resorts due to the coronavirus pandemic.
The ZSE Real Estate Index value retreated 1.03 percent to reach 874.58.
The ZSE has lost nearly Zwl 1 billion during the week as market capitalisation tumbled from Zwl 61.2 billion to Zwl 60.3 billion by yesterday.
The development has mainly been attributed to uncertainties arising from the global coronavirus pandemic which has seen most stocks fall in value.
Globally, prices of precious minerals and other resources have taken a significant fall as reflected in stocks in major markets retreating.
Locally, the materials index fell by 2 .37 percent to reach 494.52 points.
Resultantly, most market indices were in the red with the exception of the Top 10 index which advanced 0.14 percent.
The primary indicator, the ZSE All Share fell – 0.52 percent to 466.50 points, but however remained firmer than it was when lockdown started on the 1st of April at 458.94 points.
However the ZSE Financial, Industrial and ICT indices were the only gainers sectorially posting 0.06 percent, 0.33 percent and 0.04 percent respectively.