Local equities registered gains across the board during the mid-week session as fresh buying activity helped the MSE Index gain 0.3 per cent to close the day at 4,885 points.
Bank of Valletta was the only equity to buck this trend falling below the psychological level of Lm3.60c. During the session, as much as 10,237 shares were transacted across 12 transactions, with sellers getting the upper hand and squeezing the price lower by 2c5 or 0.7 per cent to Lm3.59,5.
Maltacom was the dayís best performer, with the equity moving higher following the hefty declines of the past few sessions. The quadruple play telecoms provider was the day's most liquid equity with a grand total of 26,633 shares changing hands. During yesterday's session, the equity touched an intra-session high of Lm1.42c before settling down at Lm1.40, which still represents a 1c9 or 1.4 per cent premium over its previous closing price. Buying activity in Middlesea Insurance saw the price recoup 2c or 1.2 per cent to Lm1.68c on turnover which was a few shares shy of 3,000. At the end of the session, best demand was for 2,438 shares at Lm1.65 while supply stood at Lm1.68c5 for 1,000 shares.
HSBC Bank Malta gained almost a full percentage point to and provided most of the lift to the Index on turnover which remained uncharacteristically low. In fact, during the entire session a lowly 7,712 shares were purchased, nevertheless pushing the price higher by 1c8 to reclaim the Lm1.92,9 level.
Elsewhere in the market, buying interest in Medserv was particularly robust with 10,000 shares changing hands at Lm1.60. The lack of movement in price also indicates the presence of willing sellers at this level.
A similar story was evident in Malta International Airport, where 19,071 shares were swapped across 14 transactions without affecting its previous closing price of Lm1.40.
Global stocks negative
Yesterday, European and Asian stocks fell on concern that the increase in borrowing costs caused by the collapse of US subprime mortgages will hurt banks' earnings. Standard & Poor's 500 Index futures also dropped.
European stock markets retreated after strong gains in recent days. Ahead of today's eurozone and UK interest rate decisions, dealers consolidated gains of almost 8 per cent in under three weeks. Bank stocks retraced some of their gains from the previous session. By late morning, the FTSE EuroFirst 300 benchmark was 0.5 per cent, lower. Leading equities markets including the UK, Germany and France traded in negative territory.
In London the FTSE 100 shed 0.6 per cent, though lingering strength in the commodity sector provided support for the main index. The FTSE 250 was also lower, losing 0.9 per cent.
Japan's stock market slumped as investors shifted money into bonds and sold off property-related shares. The Nikkei fell 1.6 per cent, while the Topix lost 1.7 per cent. A shift of money into Japanese government bonds hit shares across the board, particularly export- and domestically focused shares.
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.