Market capitalisation on the Malawi Stock Exchange fell 15.5% over one year to 27,040 billion kwacha on 22 October 2026, compared with 32,000 billion on the same date in 2025, according to market reports analysed by Nation Online.
The decline represents 4,960 billion kwacha of market value wiped out over one year. For investors who hold their shares, these losses remain unrealised.
The pensions sector had already recorded 571.6 billion kwacha in unrealised losses on equities in the first half of 2026, according to the financial stability report of the Reserve Bank of Malawi, cited by Nation Online. Pension fund assets fell by 2% to 7,800 billion kwacha.
Listed shares still accounted for 75.9% of pension funds’ investment assets at the end of June, above the regulatory ceiling of 60%. The concentration further exposes retirement savings to share price movements and makes sales harder when market liquidity is limited.
Frank Harawa, secretary general of the minority shareholders association Misalico, also flagged uncertainty over the restructuring of domestic debt and the 2% tax on gross proceeds from share sales. The tax can apply even when an investor sells shares below their purchase price. Finance Minister Joseph Mwanamvekha declined to comment on a possible revision of these measures ahead of the mid-year budget, according to Nation Online.
The broader MASI index lost 17.9% over the same period. It fell a further 0.03% at the session of 22 October, with no shares rising, according to Malawi Stock Exchange data cross-checked by Mansa Markets.
The decline erases part of the 248% gain recorded by the Malawian market in 2025. The MASI remains 18.8% below its peak of 598,062.80 points reached at the end of that year.