European markets fell to their lowest levels since 2003 and the S&P 500 index fell below levels not seen since 1997. However, on Friday investors reacted positively to the news that President-elect Obama will appoint Timothy Geithner as treasury secretary and the S&P 500 index jumped back up 6.3%, while the Dow Jones Industrial Average was up 6.54%.

The Malta Stock Exchange index closed the week at 3,336.314, registering a loss on the week of 0.16%. The only gain on the MSE index was registered on Wednesday. However, the losses in the other four sessions were minimal, particularly when compared to those incurred in the global international markets which had another terrible week as worries about a prolonged economic recession continued to grow. European markets fell to their lowest levels since 2003 and the S&P 500 index fell below levels not seen since 1997.

A total of 181 deals were registered on the stock exchange for a turnover of over €3.7 million. In the equity market, 74 transactions were carried out for a total value of €245,875. In the corporate bond market 60 transactions were executed for a total value of €586,327. And in the government bond market 29 transactions were executed for a value €860,126. Eighteen transactions were carried out in the Treasury Bills market for a value of over €2 million.

Bank of Valletta plc had a mixed week but managed to retain last week's closing price of €3.60. On Monday, the equity was the only positive performer as its share price increased by 0.28% to €3.61. On Wednesday, the share price increased by 0.28% to €3.62. But on Friday the share price of Bank of Valletta plc dropped by 0.55% to €3.60 on a single deal of 100 shares as the trading session was about to close. In total, 30 deals were executed and turnover reached 24,910 shares.

HSBC Bank Malta plc remained at €2.92 as 36,822 shares changed hands across 29 transactions. On Monday, the share price dropped by 0.34% to €2.91. On Tuesday, HSBC traded at the same price on a single deal of 732 shares. On Wednesday, the share price increased by 0.34% to €2.92. This price was retained on Thursday as 11,000 shares changed hands across five deals. On Friday, another 6,800 shares were negotiated across eight deals.

Lombard Bank Malta plc also retained last week's price at €2.948 as 1,673 shares were negotiated across two deals. On Wednesday, the equity traded once on a deal of 500 shares. On Thursday, a total of 1,173 shares changed hands once again in a single deal.

FIMBank plc closed at $1.40 when six transactions were executed on Monday for a total nominal value of 22,500 shares.

GO plc dragged the MSE index lower on Thursday as its share price dropped by 0.05% to €1.899 on a single deal of just 100 shares.

Grand Harbour Marina plc was the worst performer this week as the share price fell by 5.26% as the price dropped from €1.90 to €1.80. On Monday, the share price decreased by 2.63% to €1.85 as 6,000 shares changed hands across two deals. On Tuesday, the price decreased by another 2.70% to €1.80 on a single deal of 1,000 shares.

The share price of RS2 Software plc remained stable at €0.75 on a single deal of 4,800 shares.

On Monday, Malta International Airport plc announced that following the publication of the unaudited financial statements for the six months ended June 30, no material events and/or transactions have taken place that would have an impact on the company's financial position.

The interim directors' statements outlined that during the period under review, MIA's financial position has remained sound. For the second half of the year passenger traffic has been less than anticipated. For the period July to October passenger traffic was down by 1.1% over the same period last year and this downturn is anticipated to continue throughout this winter. Having said that, the company still expects passenger throughput for 2008 to exceed 3.1 million passengers, which is approximately five per cent more than last year.

In the meantime, MIA has continued with its ambitious programme - due to be completed by June 2009 - of the enhancing the air terminal building and improving facilities for passengers and visitors.

During the week, MIA's share price lost 3.39% as it closed at €2.25 on a single deal of 800 shares.

On Wednesday, the board of directors of Datatrak Holdings plc issued an interim directors' statement that, as announced during the company's last AGM, the group is now structured to have distinct business units, each addressing a particular market offering and clearly delineating the group's core business activities. During the second half of the year, the group introduced three business units covering the following areas: (i) international ICT projects (ii) ICT solutions and (iii) business and IT consultancy.

The group's strategy of international market diversification started in the third quarter of 2008, with the conclusion of the first non-UK based contracts. Such diversification should allow the group to minimise exchange rate risk and possibly dilute as much as possible the effects of the international economic slowdown.

In the third quarter, other local revenues generated from projects and services (such as the vessel monitoring system) other than those generated from vehicle tracking services, were in line with the sales forecasts.

Overall, the group's operational performance from January to October compared to the same period in 2007 saw an improvement in turnover, notwithstanding the incurred GBP-Euro exchange rate loss. Costs registered a slight increase due to an increase in the group's human resource complement. All other items are in line with the January to October 2007 costs.

On Wednesday, Datatrak Holdings plc saw its share price increase by 3.33% to €0.31 on a single deal of just 1,000 shares. The equity was the best and only positive performer of the week.

This report was compiled by Jesmond Mizzi, managing director of Jesmond Mizzi Financial Services Limited (JMFS). The report does not intend to give investment advice and the contents therein should not be construed as such. JMFS is licensed to conduct investment services by the MFSA. The directors or related parties, including the company and their clients are likely to have an interest in securities mentioned in this article. For further information contact JMFS at 67/3, South Street, Valletta, or on 2122 4410 or e-mail jmizzi@jmfs.net.