Following four weeks of gains, the Malta Stock Exchange index halted its positive run by recording a significant loss of 1.3 per cent to close the week at 3,086.704 points, thus repositioning itself in negative territory on a year-to-date basis.
The index endured a negative week as selling pressure emerged in the first four sessions, with bigger losses being recorded on Tuesday and Thursday.
The week witnessed the trading of 12 equities, in which losers outperformed gainers as eight slid lower, three pointed higher while the other traded flat.
Turnover in the week turned higher to €721,121 traded over 106 transactions which consisted of 628,536 shares.
In the Government Stock market, as headwinds from abroad persisted, and in line with German Bunds, most of the local sovereign yields closed lower as investors shifted their assets towards safer havens. In fact, of the 19 active stocks, 15 appreciated in value while four posted minimal losses.
Turnover in the week amounted to €3.7 million, with 35 per cent of the amount being traded across the long-dated 5.2% MGS 2031.
In the Corporate Bonds market, yields were mixed, as from the 23 active stocks eight edged higher, four fetched new losses, while 11 closed unchanged. The 6% AX investments 2014-2016 headed the list of gainers with a 1.9 per cent appreciation.
In the equity market, the highly-capitalised International Hotels Investments plc shares stumbled by a heavy 5.9 per cent or €0.05 to close the week at €0.80 on low volume. The equity was active in three sessions in which a total of 20,528 shares changed hands across eight transactions, thus pushing the equity towards a loss of 5.2 per cent, year-to-date.
Likewise, from the financial sector FIMBank plc upheld its negativity for the second week in a row by recording a further decline of 2.4 per cent, thus a loss of 3.5 per cent over two weeks. The equity commenced trading on a flat note, but it then edged lower in the mid-week session by recording the said loss to close the week at $0.83. A total of 78,817 shares changed hands across three transactions.
Similarly, both HSBC Bank Malta plc and Middlesea Insurance plc closed the week lower. The former brought to a standstill its recent upbeat trend by shaving 0.5 per cent from its value, this notwithstanding the positive results announced the previous Friday after close of trading. The equity was active in the first three sessions as it oscillated from positive to negative over a total of 48,445 shares to close the week at €2.88. Meanwhile, the latter depreciated by 0.2 per cent in a single session in which 6,750 shares changed hands over three deals to close at €0.62.
Conversely, Bank of Valletta plc shares sustained last week’s solid performance by registering a further 0.5 per cent gain. The banking equity was active throughout the week, slipping in the first three sessions by posting a loss of 2.4 per cent which it then managed to recuperate by striking an appreciation of 2.8 per cent in the last two sessions of the week to close at €2.11. A total of 52,787 shares were traded over 41 transactions.
From the aviation sector, Malta International Airport plc steered off 1.8 per cent from its value over three sessions to close the week at the €1.739 price level.
From the telecommunications sector, Go plc shaved off a further 0.9 per cent from its value following last week’s 2.8 per cent depreciation. The equity was active in three sessions, as it closed flat in one, posted a 2.9 per cent loss in the other, and snapped back a 1.9 per cent gain yesterday to close the week at €1.04.
Similarly, Plaza Centres plc plunged by 4.8 per cent on Monday to close the week at €0.55. A total of 9,000 shares were traded over two transactions.
From the IT sector, both 6PM Holdings plc and RS2 Software plc enjoyed a strong week. The former showed impetus with a staggering 14.3 per cent gain over a single session to close at £0.32, while the latter was up by a healthy 4.2 per cent to re-touch the €0.50 price level. Traded volume in both equities was relatively high with RS2 reaching nearly 215,000 shares.
On the other hand, Crimsonwing plc plummeted by 19.2 per cent in the last trading minutes yesterday with over 3,800 shares to close the week at €0.21.
The non-mover for the week was Simonds Farsons Cisk plc, which closed flat at €2 over 3,267 shares executed across two transactions.
This article which was compiled by Atlas JMFS Investment Services Limited, does not intend to give investment advice and the contents therein should not be construed as such.
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The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article.
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