In the past six years, Zimbabwe’s capital markets, especially equities, have been hollowed out by foreign capital flight. Structural constraints on profit repatriation, heavy-handed regulation, and frequent ad hoc policy interventions have rendered the market unattractive to institutional investors. This has depressed liquidity, weakened price discovery, and left a large portion of the market structurally undervalued, not because of weak assets, but because of systemic policy risk. Fincent advis
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