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The Malta Stock Exchange Index touched a new record high on Tuesday at 4,534 points, but failed to keep up the momentum thereafter succumbed by significant profit taking in the two major banks. The Index wrapped up the week with a 0.7 per cent decline to 4,459 points.
After two weeks of continuous advance, shares of Bank of Valletta and HSBC Bank Malta encountered some resistance once breaking through the Lm7 level, as supply started to come out in abundance.
In the interim both equities managed to touch their respective all-time highs, with BOV trading momentarily at Lm7.06c on Tuesday and HSBC moving up to Lm7.15c1 for the first time since the split in April. By the end of the week, both equities settled at the Lm6.90c level, with BOV losing 0.6 per cent and HSBC giving up 1.7 per cent, from the previous week. An aggregate 136,503 shares changed hands in BOV which was roughly double the amount transacted in HSBC shares.
Maltacom shares followed practically the opposite course, with the equity strengthening throughout the week. News of the CEO of the company being demoted to a lower role, on breach of confidentiality, had no impact on the share price which ended the week practically unchanged.
Significant activity was registered in Malta International Airport shares where an aggregate 85,270 shares changed hands over the week. The equity was also particularly active in the put-through session, where an amount just shy of one million shares, were transacted. The share price climbed by 1c5 over the week, after touching an intra-session low of Lm1.45 on Monday. The company’s board of directors is scheduled to meet on Monday to approve the interim results for the period ended 30 September 2005 and consider the payment of a dividend.
In the rest of the equity market, gains were registered in Simonds Farsons Cisk, Plaza Centres and Lombard Bank which advanced by 5.3 per cent, 1.8 per cent and 1.1 per cent, respectively. In negative territory finished shares of Datatrak Holdings and International Hotel Investments which lost 11.1 per cent and 4.3 per cent, respectively.
This article was compiled by BOV Stockbrokers Ltd, a member of the BOV Group. BOVSL’s offices are situated at BOV Centre, Cannon Road, Santa Venera HMR 07. You can also contact BOVSL by email at bovsl@bov.com, by phoning on 2275 1732 or else visit he website at www.bovsl.com
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