Zimbabwe stock market tumbles after disputed poll

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Associated Press

Posted on August 5, 2013 at 7:33 AM

Updated Monday, Aug 5 at 7:37 AM

HARARE, Zimbabwe (AP) — Brokers in Zimbabwe say stock prices have tumbled sharply, reflecting mounting worries over the troubled economy after President Robert Mugabe won bitterly disputed elections.

The official Zimbabwe Stock Exchange said Monday some of the nation's top companies lost up to 20 percent on their share price on the first full day of trading day since Wednesday's election, the biggest fall since the last violent and disputed elections in 2008. Soon after those elections, the country abandoned its own currency and adopted the U.S. dollar to stop world record inflation.

Brokers were leaving the trading floor in downtown Harare, once seen as one of Africa's most vibrant. One official said there are no new buyers in sight.

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