Zambia's stock market 'tops' the world.


Pangaea Partners (Zambia) Ltd. have pointed out that the Lusaka stock exchange gained 104.4% in local currency (Kwacha) terms between 2 January 1997 and 31 December 1997. At the same time, the currency weakened 11.6% from Kwl,320 to Kw1,453 during the year. Thus, in US dollar terms, the market was up 83.2%, one of the best gains in the world. Although a minuscule market, with total market capitalisation of $980m, the gains make the Lusaka exchange one of the world's top gaining markets of 1997.

Mr Bhomik Harmani, of Pangaea Zambia, stated that "the gain reflects the new recognition by investors that Zambia really has made substantive changes in its economy over the last five years. While the efforts could be seen before 1997, they are now translating into increasing corporate earnings. We expect further interest in the market from both domestic and international investors. Zambia offers centralised depository, T+ 3 settlement, and most other modern market elements demanded by...

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