Harare — TRADING on the Zimbabwe Stock Exchange opened the week bearish with the key industrial index shedding 2,54 percent to close at 159.94 points due to profit taking.

Weak bids at week opening characterised the resources bourse, subsequently leading to a 1,27 percent retreat at 220.20 points.

Bindura was down seven percent at US25c, with Hwange trading unchanged at US38c, Falgold and Rio Zim did not trade with bids of US10c and US300c respectively.

However, blue chips BAT, Old Mutual and Econet showed consistent demand resulting in the trio recording gains.

BAT inched two percent at US295c, and one percent gain apiece for the later two at US172c and US550c respectively.

However, small caps dominated risers, with Zimpapers and Tedco surging a modest 43 percent and 33 percent in that order.

Cairns and Star Africa were also amongst the day's top risers with gains of 25 percent and 12 percent at US3c and US14c respectively.

Radar led the day's fallers with 28 percent slump at US18c, ZPI slid 17 percent at half a cent. Barclays pared US1.5c (13 percent) to close the day at US10c.

Delta, TA holdings, CFI, CBZ, Natfoods and PPC all succumbed to selling pressure on a day where blue chips dominated losers.

The slump was attributed mainly to losses from PPC down 10 cents to 270 cents and Delta and Natfoods, which were both down five cents to settle at 50 cents and 130 cents respectively.

CFI lost US3,50 cents to end the day at US35 cents. Investment holdings group TA lost three cents to 60 cents.

The much-anticipated beginning of the reporting season came with little impetus to spur the market to dizzy heights.

Most of the companies reported lukewarm results.

This pattern is expected to continue, as the operating environment is improving, but not to the necessary levels to facilitate for full recoveries of the industry.

The whirlwind of capital raising initiatives continued with several companies going for the final approval general meetings last week.

CFX, Nicoz Diamond, and African Sun all held extraordinary general meetings that approved and passed all rights issue and private placements resolutions without amendments.

The market is now waiting to see if they will result in added value for existing shareholders, as dilution is looking inevitable for the ones that are not funded.

Going forward, the local bourse's performance is also expected to be severely depressed during the month of December as a result of festive season-induced sell offs.