The Malta Stock Exchange was down marginally on the first day of trading after the June 7 public holiday, closing down two points, to finish at the 3446.751 level. HSBC Bank Malta plc was the only loser on the day as trading volumes remain subdued.
Shares in the local retail bank HSBC Bank Malta plc, continued their negative slide yesterday, losing another 3c1, or almost 1.1 per cent, to finish at €2.899 in 13 trades of 21,680 shares. Last week the bank lost 3.3 per cent in market value as its shares have been steadily declining since coming off their recent high of €4.00 in January.
Bank of Valletta plc also traded on the day as five deals took place for 4,246 shares, yet the bank's shares closed unchanged at €3.30.
Go plc, meanwhile, managed to reverse some of the losses it witnessed last week and rebound by 2c, or one per cent in a single trade of 500 shares. Last week shares in the telecommunications provider lost 3.4 per cent in value after coming off a recent high of €3.00.
Middlesea Insurance plc continued its rebound yesterday, gaining another 1c, or 1.2 per cent in volume of 10,000 shares in two deals.
Malta International Airport plc, which was up marginally last week, gained 1c5, or one per cent yesterday, in four trades of 6,000 shares to close out the session at €1.595.
The other stock to trade on the day was that of International Hotel Investments plc, which was up by 0c5, or 0.6 per cent, to close at €0.825 in three trades of 10,000 shares.
Weekly US economic review
In the Unites States, attention last week was focused on the data release of non-farm payrolls where this figure increased by a seasonally adjusted 431,000 jobs in May. This was less than forecasted and excluding 411,000 temporary census workers, payrolls rose by 20,000 last month, while the private-sector payrolls increased by 41,000, the fifth straight monthly gain. Meanwhile, the unemployment rate fell to a seasonally adjusted 9.7 per cent in May from 9.9 per cent in April. This drop was due to 322,000 people dropping out of the labour force, partially reversing April's 805,000 increase.
In the service sector, which makes up almost 90 per cent of the economy, the Institute for Supply Management (ISM) Index held at 55.4 for a third month in May. Since a reading above 50 indicates expansion, the sector grew for the fifth consecutive month. The employment component edged up to 50.4 from 49.5 in April, while the business activity component rose to a reading of 61.1 in May from 60.3.
Elsewhere, in the manufacturing sector, the ISM index slipped to a reading of 59.7 in April from 60.4 the previous month, but was above market expectations. Factory orders increased in April by 1.2 per cent, following an upward revision of 1.7 per cent gain the previous month. This was mainly led by a tripling in orders for civilian airplanes and parts. Excluding transportation goods, orders fell by 0.5 per cent. In the construction sector, spending rose 2.7 per cent in April from a rise of 0.4 per cent in April, marking the biggest gain since August 2000.
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.