Local equities commenced a fresh week of trading activity on a positive note with gains in three equities offsetting a decline in the Index heavyweight. Overall, trading was particularly robust with in excess of Lm350,000 worth of deals being transacted across 88 trades.
HSBC Bank Malta was the only equity to close the day in negative territory, dragged lower by last minute selling activity. The equity was the most liquid and actively traded of the day with 46,556 shares, carrying a market consideration of Lm89,602, being swapped across 23 transactions. At the end of the day, HSBC shares closed weaker by 1c9 or one per cent at Lm1.91,1.
On the contrary, the other two banking equities both closed yesterday's session higher. FIMBank climbed back 1.6 per cent as 13,636 shares where purchased across four transactions, helping the equity settle at the $1.94 level, thereby bouncing back after last Friday's issue of the group's interim reports.
Buying activity in Bank of Valletta was broader based and spread across 19 transactions. A total of 10,925 shares were exchanged during the session pushing the equity higher by 0c6 to Lm3.58,1. At the end of the session, the 2,900 shares remained unsatisfied on the bid side at the closing level while 1,500 shares were offered at Lm3.59,9.
The day's top gainer was International Hotel Investments which climbed €0.03 or 2.8 per cent on low volume buying activity to terminate the session at the €1.10 level, its highest price since late May.
Elsewhere in the market, active trading in Middlesea Insurance and Maltacom did not produce any movement in their final closing prices of Lm1.39,5 and Lm1.45 respectively. The MSE Index gained 0.05 per cent to terminate the session at 4,881 points.
Stocks advance in Europe, Asia
Yesterday, stocks advanced in Europe for a seventh day and Asian markets climbed to the highest in two weeks as concern eased that losses from subprime loans will slow economic growth in the US.
National benchmarks advanced in all of the 16 western European markets that were open except Norway and Sweden. Germany's DAX gained 0.2 per cent, and France's CAC 40 added 0.7 per cent. UK markets were closed for a public holiday. Daimler climbed 1.4 per cent. Philips, the world's largest maker of electric shavers, rose 0.8 per cent. BNP, France's largest bank, increased 1.7 per cent. The Japanese stock market rose mildly, but traders were reluctant to push up share prices strongly ahead of US figures on home sales to be announced later in the day. The Nikkei 225 inched up 0.3 per cent to close at 16,301.39, with the Topix 0.1 per cent higher at 1,587.76, in thin trading. Some export-focused shares gained from continuing yen weakness.
US stock-index futures declined before a home-sales report today that may show the worst housing recession in 16 years continues, weighing down economic growth.
The financial news was compiled by Valletta Fund Management (Tel. 8007 2344) and Bank of Valletta plc (Tel. 2131 2020). BOV and VFM are licensed by the MFSA to conduct investment services business.