The MSE Share Index ended the first week of September with a 1.2% decline to 3,054.975 points mainly due to the losses in the three largest equities by market capitalisation, namely BOV (-2%), HSBC (-0.6%) and IHI (-1.2%), as well as the 13.8% slump in MIDI plc's equity.
Nonetheless, the local equity benchmark this morning advanced by 1.3% from yesterday's close following the gains in both International Hotel Investments plc and Bank of Valletta plc.
IHI recovered some of this week's earlier losses with a 6.3% rise to the 84c level on increased volumes of 153,749 shares.
This morning IHI announced that Medina Towers Joint Stock Company (in which IHI has a 25% shareholding) awarded the first construction contract to Koray, a Turkish contractor.
The €320 million Medina Towers development comprises luxury residential units, office space, a luxury spa, leisure facilities and a commercial center. The project will have a total area of 200,000 square metres spread over 40 floors above ground, and an additional four floors of underground parking which can accommodate up to 900 cars.
The Medina Towers project is estimated to take 40 months to completion.
Similarly, BOV added 1.6% to end the week at €2.24,5 across three trades totalling 3,177 shares.
Malta International Airport plc also edged 0.6% higher to regain the €1.75 level across six trades totalling 20,000 shares.
MIA shares also rank as this week's only positive performing equity following Wednesday's announcement of a new monthly record of 461,153 passenger movements last month.
In the first eight months of 2012, MIA registered a 3.7% growth in passengers compared to the revised growth forecast of 1.5% for the whole of 2012.
Meanwhile, GO plc reversed yesterday's 2.3% rise with an equivalent drop during this morning's session back to the 85c level, unchanged over the week.
HSBC Bank Malta plc's shares also closed in negative territory today with a marginal decline to €2.73,5 on a small deal of 500 shares.
Also in the financial sector, the share price of Lombard Bank Malta plc retreated to yet another new multi-year low of €1.94 across two trades totalling 6,000 shares.
Plaza Centres plc shares also slipped to a new 18-month low of 54c on a single trade of 10,000 shares.
On the bond market, the Rizzo Farrugia MGS Index edged 0.1% higher to 995.055 points as the Central Bank of Malta stockbroker raised its bid prices despite today's rally in Eurozone yields which touched a 10-week high of 1.63% on buoyant investor sentiment following yesterday's announcement by the European Central Bank (ECB) relating to a new bond buying programme.
The ECB is ready to buy government paper of up to three-year maturities of ailing countries in the Eurozone only after they request a bailout from the region's appropriate funds and accept a number of conditions.
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