The price for Mpico Limited, one of the country’s property management firms, shed 4.7 percent to close the week at K2.10 per share, knocking down the market’s performance by 2.72 points.
The domestic share index (DSI)—the measure of domestic counters’ performance—eased by 2.17 points on the account of 10 tambala loss.
Mpico traded 42 000 shares, according to the Malawi Stock Exchange’s (MSE) weekly report.
The foreign share index, anchored by one foreign counter Old Mutual plc (OML) remained steady due to non movement in the counter’s share price.
Market analysts are not surprised by the drop in Mpico’s share price, particularly when the company has posted a 30 percent slump in profit in the year ended December 2012.
The firm attributed the decrease in profit to the “write-down in the value of the $40 million worth Gateway Shopping Mall project in Lilongwe.”
During the week, the market recorded trading activity in six counters; Illovo Sugar (Malawi) Limited, Mpico Limited, National Bank of Malawi, NBS Bank, Press Corporation Limited and TNM plc.
In the week, 34.1 million shares changed hands raising K117.6 million ($284 320.01) in 30 deals.
The 14-counter MSE has 22 million shares on issue.