Stock Exchange - HSBC drops 3.6% on low volumes
The share price of HSBC Bank Malta plc today tumbled 3.6% to a 3-week low of €2.70 on low volumes totalling 7,625 shares. HSBC's equity traded ex-dividend as from last Monday and has dropped by 6.3% in the past few days. Meanwhile, Bank of Valletta plc held on to its 3-month high of €2.15 across seven trades totalling 6,338 shares.
The only other active equity, GO plc, reversed yesterday's €0.02 drop to regain the €1.02 level on a single deal of 1,000 shares.
Following two session of gains, the MSE Share Index dropped 1% to 3,063.723 points in yet another trading session characterised by low volumes. In fact, only €168,094 worth of shares changed hands during the last four trading sessions with the local equity market heading to end the week with the lowest weekly trading activity this year.
On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to close at a new 10-month high 996.273 points in spite of a marginal increase in Eurozone yields to the 1.45% level. This morning's uptick in benchmark German Bund yields was due to increased demand for riskier assets after China reported a slowdown in its inflation rate. However, uncertainty remains over the European Central Bank's (ECB) plan to support bonds of ailing Eurozone countries. In fact, by this afternoon, doubts over the effectiveness of the ECB's plan to push down borrowing costs for Italy and Spain led to a drop in Eurozone yields back to the 1.4% level.