Index loses 129 points

The Malta Stock Exchange index decreased by 128.873 points or 4.585 per cent over the week and now stands at 2,681.864.

Bank of Valletta shares opened the week at Lm3.79 on Monday and went on to close at Lm3.76 as yesterday's session ended. A total of 67,485 shares changed hands during the week over 78 deals. Following the close of business yesterday best bids for 1,580 shares at Lm3.72 and best offers for 363 shares at Lm3.76 remained outstanding.

HSBC shares eased back 10c during the week to end Friday's session at Lm6.90 after opening at Lm7 on Monday. Total turnover amounted 20,762 changing hands over 36 deals. As yesterday's session drew to a close, 1,000 shares at Lm6.85,5 and 1,000 shares at Lm6.90 were the best unsatisfied bids and offers respectively.

Trading in Maltacom shares opened the week at Lm1.42 and closed yesterday's session at Lm1.38,5. Turnover amounted to 30,905 shares changing hands over a total of 26 deals. Best bids for 2,650 shares at Lm1.38,5 and best offers for 2,840 shares at Lm1.40 remained outstanding at the close of trading yesterday.

In a company announcement issued on Monday Global Financial Services plc published the outcome of the annual general meeting which was held on July 23. Several ordinary resolutions were approved among which are the company's financial statements for the year ending December 31, 2003, a 6.5 mils dividend per share, Lm125,000 as the maximum annual aggregate emoluments payable to the directors, and the reappointment of PricewaterhouseCoopers as auditors of the company. No changes were made to the board of directors.

The other equities which traded during the week appear below, followed by the range in which trading took place; 770 Lombard Bank shares between Lm4.20 and Lm4.10; 2,744 Middlesea Insurance shares at Lm2.05; 6,248 Simonds Farsons Cisk shares between Lm1.12,1 and Lm1.12; 20,850 International Hotel Investments shares between €0.75 and €0.74,5; 14,618 Malta International Airport shares at 84c; 7,000 Global Financial Services shares between Lm1.02,9 and Lm1.02,5; 1,000 Datatrak Holdings plc shares at 21c4.

Total Malta government stock turnover amounted to a nominal value of Lm1,809,800 being traded in 182 deals over 22 different stocks. Trading was particularly heavy in the longer dated MGSs which might have been caused by some investors shifting their holdings to the new MGS issues, crystallising capital gains. Trading over the week in corporate bonds was made up of a total value of Lm162,421. Meanwhile in the primary market, subscription lists for the new 5.1 per cent MGS 2022 (I) and the already listed 5.1 per cent MGS 2014 (III) and 5.4 per cent MGS 2010 (IV) opened yesterday and will close on Tuesday at noon, or earlier at the discretion of the Accountant General.