The Malta Stock Exchange index fell almost 55 points, or 1.6 per cent, to finish at the 3,416.674 level as trading in the first session of the week was moderate. A total of 87,217 shares exchanged hands across 46 deals.
Shares in the retail bank, Bank of Valletta plc, were the day’s most active issue with 60,327 shares exchanging hands across 35 deals. The shares traded ex-dividend, and as such fell accordingly by 15c, to €3.450.
The majority of the remainder of the market’s banking stocks were also down on the day as shares in HSBC Bank Malta plc dropped 2c9, or 1.0 per cent, to close at €2.870 in a single deal of 700 shares.
Lombard Bank plc shares, meanwhile, dropped by 2c, or 0.7 per cent, and closed the day at €2.750, also in a single deal of low volume.
The other stock to trade lower in the day was that of International Hotel Investments plc, which dropped 1c, or 1.3 per cent, in two trades for a total of 15,000 shares to close at €0.77.
Other equities to trade in the session, yet failed to register a change in their closing prices were G0 plc, Medserv plc, and Simonds Farsons Cisk plc, which closed at €1.880, €4.270, and €1.750, respectively, all on low volume.
Trading in the corporate bond market yesterday was relatively light as €123,300 nominal exchanged hands across 26 deals. Only two of the 12 bonds to trade in the session witnessed a change in their closing price.
The week ahead - Economic indicators for week starting November 8
Following a very busy week in terms of economic and financial data in the United States, the coming week will be relatively thin on data. Tomorrow, nominal US trade deficit figures are expected to show that this has narrowed to $45.0 billion in September after widening in August by $46.3 billion. A decline in import prices and a jump in export prices should put narrowing pressure on the nominal deficit.
During the week, two consumer sentiment indicators will be published: the University of Michigan consumer sentiment Index and the ABC Consumer Confidence Index. The former is expected to be higher in November at a reading of 69, from its prior 67.7 a month earlier.
In the eurozone, the week’s economic highlight is the third quarter Gross Domestic Product (GDP) figures. Leading indicators and hard data released for the third quarter suggest that there has been a slowdown during this period.
In fact, during this period GDP is expected to have increased by 0.5 per cent quarter-on-quarter, half the increase registered during the prior quarter.
Meanwhile, industrial production during September is expected to have eased from the previous month, as production rose by a monthly 0.3 per cent, after an upwardly revised increase of 1.2 per cent in August.
In the United Kingdom, industrial production figures are expected to have regained some ground in September, with a month-on-month increase of 0.4 per cent during the period, slightly higher than the 0.3 per cent registered in August.
Meanwhile, the total trade balance for September is also expected to have eased to £4.5 billion from August’s £4.7 billion.
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.