No bull - just bearly boring!

The second consecutive four-day trading week chugged along quite uneventfully. To wring out some positive perspective, turnover by value more than doubled from the previous week's - the second worst for the year - to Lm717,000.

The MSE Index on Tuesday was dragged by HSBC Bank Malta plc (HSB) to a fresh low of 4,873.487, since its all-time high of March 28. It closed on Friday imperceptibly up at 4,874.159. This reflects a 26.6% drop on the index since the all-time high of 6,641.873.

The festive spirit would appear to have totally bypassed a rather dispirited market as prices stayed put. The exceptions, which added a half-hearted hint of sparkle late in the week, were three small cap stocks: GlobalCapital plc (GCL) up 5%, Simonds Farsons Cisk plc (SFC) up 3.7% and Medserv plc (MDS) up 3%.

Bank of Valletta plc started the week where it had left off, at Lm3.60, but slipped to Lm3.59 by the close. Tuesday saw it drop 1c to Lm3.58 early on, recovering to Lm3.59 to close unchanged in the week's busiest session when almost Lm101,000 worth of shares changed hands.

After Wednesday's Republic Day holiday, Thursday's trading was transacted in the same price range, again closing at Lm3.59. Friday's slow session saw all deals negotiated at Lm3.59, to close the week practically unchanged, a mere 0.3% lower.

The week's volume totalled 59,799 shares for a market turnover of Lm214,597. At the end of trading best bids totalled 1,050 shares at Lm3.585, and supply for 2,000 shares started at Lm3.59.

HSB's first trade of the week was at Lm1.99 but the price quickly moved south, falling to a post-bonus low of Lm1.975. This negative record was short-lived as Tuesday saw the price dip lower to new post-bonus low of Lm1.97, with this price maintained for the large bulk of Thursday's trading and all of Friday's.

HSB thus closed the week 1% lower but 34.3% below its intra-day all-time high of Lm3 on April 13 - exactly eight months ago. Trading in HSB last week amounted to 125,340 shares for a value of Lm247,279 - 34.5% of the week's total equity turnover by value.

At the end of trading, the best bid was for 1,500 shares at Lm1.961, and best offers for 1,500 shares stood at Lm1.98.

Maltacom plc did not rock the boat, remaining stable at Lm1.50 on Monday and for all of Tuesday, barring the final 1,000-share deal at Lm1.495. Thursday saw it move back from a Lm1.495 open to return to Lm1.50, to then end the week minimally lower at Lm1.495.

The week's trading consisted of 32,740 shares for a value of Lm49,005. At the end of the session the best bid was for 1,926 shares at Lm1.49 and the best offer for 500 shares at Lm1.495

Malta International Airport plc lost ground, falling to Lm1.34 and Lm1.335 on Monday but retraced its steps to Lm1.34 by the end of Tuesday's session. It did not trade on Thursday but retreated to Lm1.335 on Friday to close the week 1.1% down.

Total turnover for the week was only 11,998 shares for a market value of Lm16,000. At the end of the session, best bids were for 11,350 shares at Lm1.30, and offers for 4,300 shares started at Lm1.335.

GCL only traded on Thursday, opening 6c higher at Lm2.06 and ending the day at Lm2.10. The 5% jump makes this equity the week's best performer.

SFC only traded on Friday, rising from a 79c open to an 81c9 close - its highest since its April 25 close of 83c. MDS too only made an appearance on one trading day, Friday, closing 4c higher to gain 3% to Lm1.35.

Likewise, Middlesea Insurance plc was also active only Friday but, in a reversal of fortune, it shed 10c to close at Lm2, clocking the worst drop of 4.8% on the week.

Lombard Bank plc lost 10c on a 50-share deal on Monday, but rebounded to Lm5.10 on Tuesday. It did not trade again and closed the week unchanged.

International Hotel Investments (IHI) fell to €0.995 on Monday but was back at €1 on Tuesday, maintaining this price till Friday to end the week up an inconspicuous 0.1%.

FIMBank plc (FIM) started the week on a negative note, falling to a post-March 1 bonus issue low of $1.69, but regained the $1.70 level on Tuesday, trading again at this price on Friday to close the week flat (not allowing for the currency decline).

FIM announced on Monday that Roger David LeBaron has been appointed non-executive director by FIMBank's shareholder, International Finance Corporation.

The Alternative Companies List Datatrak plc (DTK) traded at 26c on Tuesday and fell to a 2006 low of 25c by the close of Thursday's trade, the price at which it also traded on Friday, to close the week 3.8% lower.

On Thursday DTK announced that at the extraordinary general meeting held on November 28 the resolution about the share premium account of Datatrak Holdings plc was approved.

It was resolved that the share premium account will be reduced by Lm2,247,018 to offset the corresponding amount of accumulated losses within DTK.

The market in Malta Government Stocks slowed down considerably last week as the turnover by value more than halved to Lm427,610 with 41 deals completed. There were only eight deals in corporate bonds for a total turnover by value of just Lm17,713.

The focus was on the new bond issued by AX Investments Ltd with a coupon of 6.7%, maturing between 2014 and 2016. The bond issue was oversubscribed with subscriptions opening on Tuesday at 8.30 a.m. and closing just two hours later.

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