HARARE – Global financial markets traded cautiously on Thursday as investors continued to rotate out of artificial intelligence-linked technology stocks in Asia, while oil prices fluctuated amid heightened geopolitical tensions in the Middle East. Meanwhile, the Zimbabwe Stock Exchange (ZSE) recorded mixed trading, with several heavyweight counters posting notable gains.
According to the Associated Press, Asian markets remained under pressure after heavy selling in AI-related stocks extended into a third session. South Korea’s Kospi continued its decline following a sharp correction over the previous two trading days, reflecting investor concerns over elevated technology valuations despite continued optimism surrounding artificial intelligence’s long-term growth prospects.
Energy markets also remained volatile as traders assessed escalating tensions between the United States and Iran. International benchmark Brent crude drifted lower after earlier gains, with investors balancing supply disruption risks against concerns that slowing global economic growth could curb fuel demand.
The cautious global mood contrasted with selective buying interest on the Zimbabwe Stock Exchange, where investors accumulated positions in several industrial and financial counters.
Dairibord Zimbabwe (DZL) led the market’s gainers, advancing 11.50% to 669.01 cents, followed by First Mutual Limited (FML), which climbed 10.35% to 334.71 cents. Seed producer Seed Co (SEED) gained 7.14% to 450.00 cents, while Meikles Limited (MEIK) rose 5.23% to 289.35 cents. Financial services group FBC Holdings also attracted buying interest, adding 3.85% to close at 1,350.00 cents.
On the downside, Mashonaland Holdings (MSHL) recorded the day’s biggest decline, falling 7.63% to 258.64 cents. Hippo Valley Estates (HIPO) shed 7.04% to 1,113.69 cents, while banking giant CBZ Holdings retreated 4.56% to 3,865.42 cents. Wild Horizons (WILD) declined 3.83%, with Proplastics (PROL) easing 0.60%.
Activity in Zimbabwe’s listed collective investment vehicles remained subdued.
All four Exchange Traded Funds (ETFs) ended the session unchanged. Cass Saddle Agriculture ETF (CSAG) closed at 9.00 cents, Datvest Modified Consumer Staples ETF (DMCS) finished at 7.75 cents, Morgan & Co Made in Zimbabwe ETF (MIZ) held at 13.00 cents, while Morgan & Co Multi-Sector ETF (MCMS) remained unchanged at 155.00 cents.
Within the Real Estate Investment Trust (REIT) market, Revitus Property Opportunities REIT (REV) closed flat at 198.25 cents, while Tigere REIT (TIG) edged 0.15% lower to 112.11 cents.
The mixed performance reflects a market that continues to favour fundamentally strong companies despite subdued liquidity, with investors remaining highly selective amid evolving domestic monetary conditions and uncertainty across global financial markets.
The post Global Markets Mixed as AI Sell-Off Weighs on Asia; ZSE Posts Strong Gains in Selected Counters appeared first on The Zimbabwe Mail.