The Malta Stock Exchange continued its downward trend yesterday, dropping almost 15 points, to close at the 3484.288 level as shares in HSBC Bank Malta plc hit new lows for the year and shares in Loqus Holdings plc dropped heavily.
HSBC Bank Malta plc shares lost another 3c, or one per cent to close at €3 in 23 trades of 31,500 shares.
FIMBank plc was also down considerably on the day, losing US7c, or 6.5 per cent, to end the session at US$1.01 in four trades of 6,675 shares.
Meanwhile, Bank of Valletta plc managed to buck the banking trend, ending higher at €3.28 which is 3c, or 0.9 per cent, higher than its previous close.
The biggest loser on the day was Loqus Holdings plc which dropped 3c6, or 19.4 per cent, in a single trade of 2,548 shares.
Other shares to end the session in negative territory were Go plc, which lost 0.2 per cent to close at €2.075 in a single trade of 1,000 shares, and International Hotel Investments plc which lost 0.6 per cent, to close at €0.825 in two trades of 3,775 shares.
Malta International Airport plc shares were also traded on the day, as 1,850 shares exchange hands across three deals to finish unchanged at €3.15.
The other issuer to see gains in their stock price on the day was Maltapost plc, which gained 3c, or 3.5 per cent, to close at €0.90 in seven trades of 81,000 shares.
The week ahead - Economic indicators for week starting May 31
The most closely watched US economic indicators, namely the Institute of Supply Management (ISM) index for the manufacturing sector and the labour market report, are due for release later this week. The data should provide evidence that the US economy is still on a recovery path, although concerns about its relatively slow pace of recovery are unlikely to be quelled. In the labour market, non-farm, private and manufacturing payroll figures are expected to show further gains. Meanwhile, the unemployment rate is expected to edge down to 9.8 per cent in May from 9.9 per cent the previous month.
In the eurozone, after the release of the inflation figure yesterday, focus will be on the second release of Gross Domestic Product (GDP) for the first quarter of this year. This is likely to confirm that the economy grew by 0.2 per cent. Euro-area retail sales are likely to have risen in April, with Germany expected to have rebounded, as consumers become more optimistic, given the fall in unemployment.
Meanwhile, the unemployment rate in the euro region is expected to have remained at 10 per cent in April. In the manufacturing sector, the Purchasing Managers' Index (PMI) reading for the month of May is also expected to be released today, while the readings for the service industry and the composite index will be released later on during the week.
In the United Kingdom, the week ahead will be relatively quiet for economic indicators. The main release will be the PMI readings for the manufacturing, construction and service sector for the month of May.
This article has been prepared by Bank of Valletta plc (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.