For the second week in a row, the Malta Stock Exchange Index closed lower ending yesterday’s session at 3,385.904 points, a decline of 0.27 per cent on the week. This week, the local stock exchange was active only during four trading days, due to a public holiday on Wednesday. Contrary to foreign markets which kicked off the month of September on a positive note, the local market seems to hold on to its negative trend, which has worsened its year-to-date performance and now stands at 2.16 per cent in the red. Similar to last week, the majority of traded equities closed lower with turnover declining to €545,154 while traded volume picked up slightly due to significant trading in FIMBank plc. On the week, 11 equities were traded with three ending higher, two closed flat, and six closed in the red.
Turnover across all traded securities declined heavily to €8.37 million as turnover in the fixed income market maintained its downward trend. In fact, in the Government Stocks market €3.4 million were traded down from nearly €15 million traded last week, while in the Corporate Bonds market €367,505 were traded across 51 deals down from €1.1 million last week. Volume traded in the Treasury Bills market was similar to last week as €4 million were traded. In the equity market 122 transactions worth €545,154 were recorded.
Middlesea Insurance plc shares suffered the week’s heaviest fall having closed the week down by nearly five per cent. The equity was active with similar volume in the closing two sessions of the week as 16,192 shares were traded over 10 deals. Notwithstanding this week’s decline the insurance firm is still enjoying a 24 per cent gain since the beginning of the year.
Following last week’s decline, International Hotel Investments plc shares maintained their negative momentum, registering a further loss of 1.19 per cent this week. The hotel operator kicked off the short week with a hefty decline of 4.76 per cent over three trades of 2,976 shares, which pushed down the price to a weekly low of €0.80. This lower price generated activity on Tuesday as trading volume increased to over 30,000 shares pushing the price up by nearly four per cent to €0.83. The equity closed flat in the following two sessions, bringing the total volume of shares traded this week up to 59,188 across 17 transactions. The equity’s performance year-to-date stands 3.75 per cent in positive territory.
The most widely traded equity this week was FIMBank plc with 143,922 shares changing hands over four deals. The bank closed lower with a 2.51 per cent drop as all deals were executed at $0.97. The bulk of trading took place on Monday when nearly two-thirds of the total shares traded were dealt over two transactions.
In the IT sector, Crimsonwing plc share price climbed five per cent as a single trade of 22,000 shares was executed at €0.42.
Go plc followed with a 1.07 per cent gain to end the week at €1.89. This positive move came about following three consecutive negative trading weeks. A total of 2,755 shares were dealt across two deals.
Of the listed financial equities, HSBC Bank Malta plc was the only gainer having moved 0.71 per cent higher. On the week, turnover increased to nearly €144,000 as 51,237 shares were dealt across 39 deals, as the equity’s price fluctuated between a low of €2.80 and a high of €2.84.
Conversely, Bank of Valletta plc only managed to close flat at €3.20 despite having closed the first and last sessions of the week in positive territory. On the week, trading volume increased by over 12,000 shares as 33 transactions of 42,818 shares were executed.
Lombard Bank plc shares again moved lower as one deal of 1,000 shares executed during Tuesday’s session depreciated the price by 0.72 per cent to finish the week at €2.75.
Maltapost plc failed to keep up its two-week positive streak as the postal operator lost a meagre 0.11 per cent. In fact, on Monday the equity closed the session at €0.899 as four deals of 25,000 shares were executed.
Malta International Airport plc shares also returned to negative territory following a three-day negative performance. A total of 27,400 shares were traded across nine transactions as all deals were executed between a weekly high of €1.58 and low of €1.55 the price at which the equity closed the week registering a drop of 1.9 per cent.
Two deals in Plaza Centres plc kept the price unchanged at €1.65 as 4,063 shares changed hands during two sessions.
This article, which was compiled by Atlas JMFS Investment Services Limited, does not intend to give investment advice and the contents therein should not be construed as such. Atlas JMFS is licensed to conduct investment services by the MFSA and is a member firm of the Malta Stock Exchange. 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 Atlas JMFS at 67, Level 3, South Street, Valletta, or on Tel: 2122 4410, or e-mail info@atlasjmfs.com.