During yesterday's trading session at the Malta Stock Exchange, the MSE index registered its largest percentage decline this month as investors sold the larger capitalised companies. Towards the end of the session, however, buyers came to the fray trimming losses throughout.
HSBC Bank Malta was the day's top decliner as well as the most actively traded equity with 36,130 shares being exchanged across 41 transactions. The equity immediately commenced trading lower, at Lm2.34 and declined steadily to touch an intra-session low of Lm2.26,1. Investors deemed this level as a good entry point and buying activity helped the price recover to terminate the session at Lm2.30.
Bank of Valletta experienced similar volatility on traded volume of 18,761 shares. Selling pressure saw the equity progressively decline by 7c or 1.7 per cent to Lm4, which acted as a strong resistance level. In fact, thereafter the equity swiftly bounced back, recovering lost ground up to the Lm4.05 level.
Low volume transactions in Maltacom saw the price tumble to the Lm1.95 level only to recuperate slightly in the dying minutes of the session to close a mere 2c or one per cent weaker, at Lm1.98.
Elsewhere, Middlesea Insurance declined by the slimmest of margins as 7,740 shares were purchased across four transactions from offers which were lower than Tuesday's closing price.
The equity closed at Lm5.29,9 leaving further supply of 229 shares at this level against demand of solely 50 shares which are bid at Lm5.
Tokyo shares recover slightly
After a mixed start, European equities markets struggled to mount a meaningful recovery by lunchtime yesterday. Sentiment remained fragile after recent sharp losses and investors were braced for further turbulence with key US inflation data due for release later in the session. The FTSE Eurofirst 300 edged up 0.1 per cent while the German Xetra Dax added 0.1 per cent. The French CAC 40 declined 0.1 per cent.
London equities were in volatile mood ahead of the release on key US inflation data. The FTSE 100 had already switched course several times. The index was broadly flat at 5,518.9. The FTSE 250, which also fell sharply on Tuesday, was up 5.6 points at 8,727.3.
The Nikkei 225 staged a modest recovery, after plunging more than four per cent on Tuesday to a new seven-month low. Investors recovered their nerves after initially sending the market sharply down yet again at the beginning of trading. By the end of the day the Nikkei was up 0.6 per cent. The Topix rose 0.5 per cent.
On Tuesday Wall Street ended lower in volatile trading as a retreat in commodities prices failed to cheer investors, still worried about a greater-than-expected rise in core producer price inflation.
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