MSE daily report - February 18, 2009

Trading for the second day of the week at the Malta Stock Exchange resulted in yet another decline as the Index dropped by 1.27 per cent to close at 2,924 points. In the equity market only three components within the financial services sector were active for the day as a total of 20 deals were exchanged for a total market value of €51,119. The two largest listings in terms of market capitalisation were the worst performers, thereby impinging further negativity on the Index.

Lombard Bank was a non mover during the trading session as it closed at €2.60. Activity was restricted to a single deal for 4,088 shares carrying a market consideration of €2.60.

Bank of Valletta was the most liquid and actively traded equity for the day as trading activity consisted of 12,325 shares spread over 14 deals. Selling pressures for the financial services company induced further losses to the share price as it dropped by 10c or 4.13 per cent to terminate at a new record low of €2.30.

HSBC Bank Malta also incurred further depreciation in its share price as the equity lost 5c to end the session at €2.40. Trading activity was spread over just five deals on low volume and an aggregate value of €11,819.

Activity in the fixed interest sector of the market was much more voluminous than the equity counterpart. Activity was spread over nine corporate bonds and five government stocks. All securities in the government bonds registered a positive outcome, as expectations for a further rate cut by the European Central Bank mounts on. The 4.8 per cent MGS was the best performer for the day as the bond increased by a further 54 ticks as five deals were swapped for a total of value of €257,678.