The downward trend in the local equity market persisted during the final session of the week as the MSE Share Index closed in negative territory for the ninth successive day. This morning the Index dropped a further 0.1 per cent to close at 3,449.320 points as HSBC Bank Malta plc and GO plc dropped to new 2010 lows.

Sustained selling pressure forced HSBC’s share price to touch a fresh 2010 low of €2.90 before recovering to a close of €2.93 before the end of the session. 18,750 shares traded today with further offers remaining unsatisfied at the last traded price. HSBC closed the week 3.3 per cent lower as it registered declines in each of the past five trading sessions.

Meanwhile Bank of Valletta plc gained for the third successive session but on low volumes. BOV’s share price edged 0.5 per cent higher to the €3.30 level today, representing a weekly rise of 1.5 per cent.

International Hotel Investments plc and GO plc also traded lower. IHI eased 0.2 per cent to €0.82 on volumes of 15,000 shares to close the week with a decline of 1.2 per cent. Moreover the share price of the telecoms operator slipped a further two per cent to drop back to the €2.01 level (-3.4 per cent this week).

Yesterday’s announcement by Malta International Airport plc revealing the strong increase in passenger numbers during May quickly filtered through the market as the equity rose by 0.3 per cent to €1.58 amid further strong support at this level.

www.rizzofarrugia.com

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