The General Manager of UMB Stockbrokers Ben Ackah says he is cautiously optimistic about the fate of the Ghana Stock Market for the rest of the year.
He made his position known after the market hit its lowest level in about 2 years, mainly due to the happenings in the financial sector.
The GSE Composite index slowed to the lowest level when it recorded a year to date drop of -11.76 percent, and this included a -6.94 percent year to date decline for the financial stocks index as at Friday, August 23, 2019.
The decline in the financial stocks index, in particular, has largely been attributed to the slowdown in the performance of the financial services industry.
Commenting on the prospects of the market going forward, Ben Ackah state that even though he is confident of the market rebounding in the long-term, he only expects the market to be stable for the rest of the year.
“My reason for expecting some stability is because a lot of the things that have happened in the market have already been priced into the Stock Market, and that’s why the prices have all fallen and the composite index has gone down so low.
But I do expect from now till the end of the year, that we should see some stabilization on the market. Just a few drops here and there. The major thing the market including the regulator needs to do is to hasten the clean-up exercise in the investment space.”