The smaller capitalised companies paved the way forward during yesterday's trading session at the Malta Stock Exchange, although profit taking activity in the heavier weighted companies brought a 0.7 per cent decline to the index which closed at 5,088 points.

Middlesea Insurance was the day's top gainer as investors purchased a total of 3,342 shares across three transactions, helping the price gain 3c or 1.5 per cent to close at the Lm2 level. This buying activity halted a month-long slide which has seen the equity lose a fifth of its value since reporting its interim results.

GlobalCapital registered its second session of gains, moving further north by 3c or 1.3 per cent to Lm2.25 on a total turnover of 5,620 shares. Banking sector equities declined under pressure from a fresh bout of profit taking. HSBC Bank Malta suffered the biggest decline, shedding 4c or 1.9 per cent to close at the Lm2.04 level. The equity remained the most actively traded on the stock exchange with a grand total of 14,140 shares changing hands across 14 trades.

Bank of Valletta closed lower by the slimmest of margins at Lm3.97,9, although it briefly traded at the Lm3.97 level. Activity was particularly soft, with merely 2,890 shares changing hands across three deals. Investors are awaiting the company's full-year results which are due to be published towards the end of the month.

Two investors swapped 600 shares of Maltacom at a slight premium to its previous closing price, helping the equity terminate the session at Lm1.62.

Tokyo stocks close lower on chipmakers

London equities fell amid weakness in the financial sector yesterday. In the wider market, the FTSE 100 lost 0.2 per cent while the mid-cap FTSE 250 fell 18.6 points.

European stocks remained under pressure, as mixed earnings reports and a higher oil price ahead of any possible agreement over oil supply among Opec members weighed upon sentiment. Midway through the trading session, the FTSE Eurofirst 300 index was down 0.4 per cent. The index remains near a five-and-a-half -year high reached earlier this week. Frankfurt's Xetra Dax was down 0.2 per cent. France's CAC 40 index was lower by 0.3 per cent.

Larger Japanese stocks fell, hit by losses among chipmakers and other export-focused companies. The Nikkei 225 fell 0.6 per cent, with the broader Topix index down 0.2 per cent.

US stocks were set to open mixed as the third quarter earnings season hits its stride. The Dow closed up 0.4 per cent at 11,992.68 on Wednesday, after breaking through the 12,000 barrier for the first time. December futures on the broader S&P 500 index were flat at 1,372.5 while those for the Nasdaq were down 2.5 points at 1,712.5.

BoV and VFM are licensed by the MFSA to conduct investment services business.

Valletta Fund Management (tel. 8007 2344) and Bank of Valletta plc (tel. 2131 2020).

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