Demand pushes up PCL stock price
Share price for conglomerate Press Corporation Limited (PCL) on the 14-counter Malawi Stock Exchange (MSE) jumped 1.1 percent to K315.40 propelled by the scarcity of the stock on the bourse, analysts have said.
As a result of PCL share price gain, the indicative Malawi All Share Index (Masi) and domestic share index went up by 0.08 percent to close the week at 13 113.87 points and 10 314.23 points respectively.
In the week, the market recorded subdued trading on 11 counters, FMB, Illovo Sugar (Malawi) Limited, National Bank of Malawi (NBM), NBS Bank, National Investment Trust Limited, PCL, Mpico Limited, Real Insurance Company of Malawi Limited and Standard Bank, on the back of weak supply of shares.
Turnover, according to market report, took a downturn to K7.2 million from the previous week’s K55.2 million, with NBM leading with a turnover at K3.6 million, accounting for 50 percent of the total turnover.
However, market analysts say there is still demand for Standard Bank, Illovo, NBM, Nico Holdings, Mpico Limited, PCL, Sunbird and the only foreign counter, Old Mutual plc.
The MSE is exhibiting subdued performance despite most of the companies’ earnings being better than expected.
