Ghanaian stock analyst hopeful GSE will bounce back after a poor performance

The General Manager of UMB Stockbrokers Ben Ackah has said that he is that the Ghana Stock Exchange (GSE) will perform better for the rest of the year than it has done so far.

Ghana Stock Exchange

His comment is coming after the stock market hit its lowest level in about 2 years, mainly due to the happenings in the financial sector.

The stock market hit its lowest

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.

This decline in the financial stocks index, in particular, has mainly been attributed to the slowdown in the performance of the financial services industry.

Hopeful Mr Ackah

Mr Ackah said the market seems to have good prospects. Mr Ackah said 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.”

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