The Maltese equity market is among only three stock markets to rank in negative territory during the first nine months of 2009, stockbroker Edward Rizzo says in his stock market review in today’s The Times Business.

“The MSE Share Index has declined by 2.1 per cent (until September 29) since the 2008 year-end level with Iceland and Slovakia as the other two countries to post losses in 2009. In contrast, all other markets posted gains, with the larger indices even registering double-digit growth figures,” Mr Rizzo says.

Mr Rizzo says that after dropping steadily during the first quarter of the year, international share prices have enjoyed a strong rebound as tentative signs that a global economic recovery may be on the horizon lifted sentiment and boosted equities

However, he says, this renewed optimism failed to have an impact on local share prices.

“Although the two large banking stocks are substantially higher from their 2009 lows (HSBC has climbed 36 per cent from this year’s low of €2.060 and BoV is up 67 per cent from its low of €2.001), the lacklustre performance of the third-largest cap International Hotel Investments as well as Go and most of the other equities, hindered the local benchmark index from moving substantially above the 3,000-points level,” he says.