Zimbabwe’s Stock Market Rises Ahead of Vote, Bucking EM Trend

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Zimbabwe’s stock market is bucking the trend for bourses in emerging markets to sink in August after investors clamored to buy shares ahead of elections on Wednesday.

The Zimbabwe Stock Exchange All Share Index has risen 5.5% so far in August, its best performance for the month since at least 2019, to lift gains so far this year to 521% in dollar terms. By contrast, the MSCI Emerging Markets Index, buffeted by concerns about China’s economic health and rising US debt yields, is down 7.3% this month.

President Emmerson Mnangagwa, 80, who is seeking a second term, told the state-owned Zimpapers Television Network on Tuesday that the economy and Zimbabwe dollar in particular, are under “attack” from Western nations that are fostering instability so they can effect regime change.

 

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