The Malta Stock Exchange returned to its negative downward trend of recent days after closing the last trading session of the previous week in positive territory. The index lost over 12 points, or almost 0.4 per cent, to close at the 3,346.438 level.
Shares of Bank of Valletta plc witnessed the biggest loss on the day, losing 4c9, or 1.6 per cent, to close at the €3.00 level, in moderately light volume of 12,079 shares across 15 deals. The best unsatisfied bid at the end of the day stood at €3.00 for 16,811 shares while the best unsatisfied offer stood at €3.20 for 3,875 shares. BOV has witnessed a significant drop in market value as of late as have the shares of most of the banking stocks in the equity market, as investors have tended to shy away from the sector.
Lombard Bank Malta plc also suffered a loss in the session, closing off 1c5, or 0.5 per cent, to close at €2.885 in a single trade of 1,032 shares.
HSBC Bank Malta plc witnessed trading action of 11,075 shares across 11 deals, yet failed to register a change in its closing price, to remain at €2.83.
In the tourism sector, International Hotel Investments plc also closed unchanged on the day, ending at €0.80 as 1,250 shares exchanged hands in a single trade.
Other stock to trade on the day was Simonds Farsons Cisk plc, which also closed unchanged at €1.80 in a single trade of 861 shares.
The Week Ahead: Economic indicators for week starting July 5
In the United States, the week ahead will be relatively quiet in terms of economic data. The main release will be the Institute of Supply Management (ISM) for the non-manufacturing sector today. This is likely to point to continued recovery, albeit with a slightly lower pace. Other economic indicators include the labour market initial jobless claims for the week ending July 3 and continuing claims for the week ended June 26. Meanwhile, consumer credit is likely to have declined in May, while later during this week data for the wholesale inventories is also expected to be released.
In the eurozone, the focus this week will be the policy announcement of the European Central Bank (ECB) on Thursday, which is expected to keep rates on hold. The post-meeting statement from ECB President Jean-Claude Trichet will be scrutinised for any indication that liquidity provision will be extended further. After the release of the Purchasing Managers' Index (PMI) for the services sector and the retail sales figures yesterday, we shall have the final release of the first quarter of this year Gross Domestic Product (GDP) which is not expected to be revised from 0.2 per cent quarter on quarter growth originally reported.
In the United Kingdom, the focus will also be on the Bank of England's (BoE) rate decision, which is also expected to keep rates on hold. After the release of the Purchasing Managers' Index (PMI) for the services sector yesterday, other important economic indicators include May's manufacturing output. This is likely to inform the NIESR's Gross Domestic Product (GDP) estimate for the three months to June. Furthermore, May's trade data will give further hints about the second quarter GDP growth.
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.