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| Festive season gives bourse no business |
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by
Aubrey Mchulu, 05 January 2005
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18:46:57
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Business eluded the Malawi Stock Exchange (MSE) over the festive season as investors took a Christmas break, an MSE official said this week.
MSE operations manager John Kamanga said in an interview there was no trading of shares on the stock market during the week that ended on Christmas eve as well as last week.
Kamanga said this development was normal because during the festive season most institutional decision-makers and individual investors take a break to relax after a busy year.
He said the bourse’s last trading was on December 24 last year but there were no trades.
“Even the whole of last week [up to December 31, 2004] there were no trades,” he said.
Besides institutional decision-makers and individual investors going on holiday, Kamanga said, another contributing factor was that most companies were also on annual close down.
National Bank of Malawi was the bourse’s last price-gainer for the year 2004 when its price jumped from K9.75 to K10 and in the process pushing up the Domestic Share Index by 2.82 basis points.
The domestic index moved from 421.19 to 424.01 percentage points slightly propping up the Malawi All Share Index, a measure of trading activity on the local stock exchange, from 583.33 points to 583.42 points.
Apart from National Bank, other listed companies on the MSE are Blantyre Hotels Limited, Packaging Industries Malawi Limited, Sugar Corporation of Malawi, Stanbic Bank (Malawi), Sunbird Tourism Limited, Nico Holdings Limited and Press Corporation on the domestic counters while Old Mutual plc is the only foreign counter.
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