During yesterday's session at the Malta Stock Exchange, the MSE Index reversed its losing streak to close positively for the first time in two and a half weeks. Gains in three equities cancelled out declines in three other shares helping the Index to close higher by 0.1 per cent at 4,225 points.
HSBC Bank Malta, the largest locally listed equity, was the day's top gainer as 17,213 shares were swapped across 14 transactions pushing the price higher by 3c or 0.8 per cent to close the session at €3.75.
FIMBank gained 0.5 per cent following the purchase of 10,460 shares at the $1.89 level over two deals, while both Bank of Valletta and Lombard Bank Malta traded unchanged at their respective previous closing levels of €4.80 and €3.075 respectively.
After an absence of three weeks, Plaza Centers returned in favour with investors who purchased 11,195 shares across three transactions pushing the price of the commercial property leasing and management company higher by 0c5 to €1.725. On the other side of the scale, Crimsonwing was the day's worst decliner as 12,009 shares were dealt across three deals dragging the price lower by 2c or 3.7 per cent to €0.51, its lowest closing level since its January listing.
GlobalCapital was the worse decliner in monetary terms, as the diversified financial services group lost 10c on its price as 1,920 shares were sold down to the €2.85 level.
Go shed 4c4 as a single investor sold a mere 1,000 shares at €2.755, its lowest level since January 2004. At the end of the session, the quadruple play telecommunications provider has a market capitalisation of just over €279 million, compared to the €220 million that Emirates International Telecommunications (Malta) Ltd paid in May 2006 for a 60 per cent stake in the company.
Weekly international equity market review
Wall Street stocks rallied during the week following a public holiday on Monday, led by Apple Inc. and other technology stocks. The market's mood was supported further by broadly positive labour market data and stronger business spending figures leading shares of blue chip computer firms and heavy equipment makers to register significant gains, overshadowing the latest signs of turmoil in the financial sector. The benchmark S&P index was 0.01 per cent higher for the week while the Nasdaq Composite rebounded 1.57 per cent settling at 2,486.70 points. Meanwhile, a retreat in oil prices hit related stocks whittling previous gains and dragging the Dow Jones Industrial Average by a marginal 0.06 per cent to the 12,594.03 level.
On the other side of the Atlantic, European stocks were dented by a dip in metal prices prompting investors to book recent gains in mining stocks. Furthermore, fears of more asset write downs at Swiss bank UBS also weighted on European shares. Technology and chemical stocks propelled European stocks, though not sufficient to eradicate the weekly drag on the main European indices. The FTSE 100 index shed 2.07 per cent to the 6,069.60 level. German and French stocks saw to minimise losses with Germany's Xetra Dax losing 0.10 per cent while the CAC 40 easing by 1.12 per cent.
Asian stocks endured a grim start to the week battered by fears over the weakening US economy. Tokyo's Nikkei Stock average rose 1.04 per cent led by high-tech exporters as the yen softened. Meanwhile, Hong Kong's benchmark Hang Seng lost 2.81 per cent prompted by China Mobile's decline after its two-thirds share of China's mobile phone market came under threat by the precipitated restructuring of the telecom industry.
This article has been prepared by Bank of Valletta p.l.c. (the Bank), which is licensed to conduct investment services business by the MFSA, for your general information only. This information is not a solicitation or offer by the Bank to acquire or sell securities. Nor does it constitute any form of advice by the Bank. Appropriate advice should be obtained before making any such decision. Past performance is not necessarily a guide to future performance and the value of your investments may fall or rise.