Zim Now Writer
A trading halt on the markets has been instituted by the Zimbabwe Stock Exchange just after midday Monday, May 15, after the ZSE All Share index breached the 10% threshold on the upside.
ZSE Limited chief executive officer, Justin Bgoni, said in a notice trading will resume on Tuesday, 16 May, 2023. Reads the notice:
“Pursuant to a ZSE public notice dated 28 April 2022 on changes to ZSE trading operations, the Zimbabwe Stock Exchange Limited (“ZSE”) hereby notifies the market that it has instituted a trading halt at 12h38 on the 15th of May 2023 on the ZSE Markets after the ZSE All Share index breached the 10% threshold on the upside," the notice read.
Trade halts at the end of trading seasons are standard and generally used to manage market volatility caused by panic selling or manic buying thereby pushing prices up or lower beyond a set percentage range.
“Given that it is the end of the trading session, trading will resume tomorrow 16th May 2023 as usual.”
The ZSE has been previously named as a platform used by currency manipulators in rent-seeking behavior that fuels fall in value of the local dollar.
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