The MSE Equity Price Index fell by nearly 1% to 4,483.006 points on Tuesday as the equities of five large companies posted sharp declines whilst a further three shares closed the day unchanged. Trading volumes also declined today with €0.2 million worth of shares changing hands compared to €0.37 million yesterday.
Bank of Valletta plc retreated by 1.5% back to the €1.35 level across 19,378 shares.
Also in the banking sector, FIMBank plc shed 2.5% to the USD0.78 level across 84,581 shares whilst three deals totalling 8,512 shares forced the equity of HSBC Bank Malta plc to move 1.1% lower to the €1.78 level.
RS2 Software plc slipped by 2.6% to the €1.11 level across 33,650 shares whilst GO plc tumbled 3% to the €3.92 level albeit on trivial volumes.
Low trading activity also took place in the equity of MIDI plc which maintained the €0.73 level across 5,000 shares.
Malta International Airport plc held on to the €6.20 level across 7,735 shares whilst a single deal of just 3,700 shares left the share price of Mapfre Middlesea plc unchanged at the €1.92 level.
The RF MGS Index extended yesterday’s gains as it added 0.07% to 1,081.118 points as bond yields in the euro area drifted sharply lower amid a global sell-off in risky assets. This was mainly triggered by the prolonged diplomatic tensions between the US and Saudi Arabia over the killing of a prominent journalist, fears of a slowdown in China's economy as well as fresh signs that the prevailing trade dispute between the US and China is now having a material negative effect on the profitability of various companies and consumer purchasing power in general. Meanwhile, this afternoon, news emerged that the European Commission rejected Italy’s proposed budget for 2019. Accordingly, the European Commission also demanded Italy to present a new set of fiscal targets that respect the country’s previous commitments to lower its deficit and debt levels.