Harare — MORE than 100 million shares worth US$16 million exchanged hands on the Zimbabwe Stock Exchange last week despite the mainstream industrial index shedding off 2,92 percent compared to the previous week.

On Friday, 62 million shares worth US$5 million were transacted as the industrial index ended the week slightly higher by 0,18 percent to end at 146.25 points.

The remainder of the shares were traded in the four days as the ZSE traded in the red four days consecutively with the key industrial index loosing 1,14 percent to 145.99 points.

Friday's gains were recorded in dual listed PPC, topping the six counters in the positive territory gaining US10c to US235c, as Natfoods advanced US5c to trade at US115c and Old Mutual added US2,13c to trade at US160c.

Financial counter Barclays advanced US1c to US9c and Colcom was slightly up at US26,50c.

Losses recorded in Hippo and Seed Co which both traded US5c lower at US85c and US80c respectively.

Lafarge retreated US3c to US120c, African Sun lost US0,80c to close at US7c and Interfresh shed US0.20c to close at US0,60c.

The mining index gained 0,49 percent to end the week at 193.72 points as RioZim traded US7c up at US277c.

Bindura was however, a cent softer at 25 cents while Falgold and Hwange traded unchanged at US7c and US30c respectively.

The mining index lost 5,51 percent compared to the previous week.

The market is expected to remain subdued as poor liquidity conditions are anticipated to continue prevailing into next year.

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.

However, some analysts said the market would pick next year as some of the funds including those from the International Monetary Fund would be released into the market.

In the first months of the year, the money market is expected to pick as the equities fall.

There have been a number of positive changes on the money market a move that is likely to shift the attention of investors -- indications from that market is that there are some investors who are already taking positions on the money market.

Going forward the 2010 National Budget is expected to give impetus to the equities.

The National Budget supported the improvement of the overall lifestyles of the general populace, thereby improving their buying capacities.

In the New Year, civil servants should see higher salaries than the compressed $150/month average. Though there was talk of encouragement of bank lending, there was not much said regarding long-term debt.

It is still highly unlikely anyway seeing as less than five percent of the current US$1,02 billion deposits are long term.

The drop of corporate taxes from 40 percent to 25 percent should make all sectors more profitable, resulting in more money going back into the system.

Overall, this coming fiscal year is expected to have higher liquidity levels.