THE Kwacha continued its downward trend against the dollar, according to Cavmont Bank Zambia daily market report.
The currency pair at the weekend opened at K8.000 / K8.020 and came under increased pressure as demand outweighed supply, pushing the local unit to trade above K8.100 by close of trading.
The bank reports that globally the greenback is expected to strengthen against most major currencies as the U.S.Federal Reserve looks more likely than not to increase interest rates before the end of the year.
The Kwacha closed at K8.135 / K8.155 – K0.135 weaker than the previous day’s closing levels.
On the local market the bank reports that commercial banks’ aggregate current account balanced creased by K324.92 million to K935.11 million while the overnight borrowing and lending rate remained unchanged at 14.75 percent.
Total funds traded on Interbank were K303 million.
On the international scene, the bank says the price of copper fell by $9.50 and the red metal is now selling at US$5,085.00 a tonne.
The bank further reports that the price of gold went up by $20.70 and the precious metal is currently selling at $1,143.22 an ounce.
The price of Brent crude oil fell by US$2.24 and the commodity is now trading at $46.60 a barrel. The Lusaka Stock Exchange (LuSE) price index remained unchanged at K5,843.32
Meanwhile the LuSE daily commentary reports that a total of 6,711 shares were transacted at the weekend in four trades, yielding a market turnover of K4,803.
Trading occurred in CEC, LAFARGE and SCZ. A share price gain of K0.02 was posted in CEC.
The LuSE All Share Index (LASI) closed the day at 5,851.23 points, up by 0.14 percent compared to the previous close of 5,843.32 points.
The Market Capitalization remained at K64,760,000,000 including Shoprite Holdings K30,521,000,000.