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Volatility in equities was particularly high during this reduced week of trading even though when the dust settled at the end of the four-day stretch, price fluctuations were not so pronounced.
The Malta Stock Exchange Index wrapped up the week at 6,509 points, a mere 44 points or 0.7 per cent lower compared to the previous week.
Significant profit taking activity was evidenced in the shares of the largest listed equity, HSBC Bank Malta which well by 1.7 per cent to Lm11.40c. Sustained low volume demand proved insufficient to absorb the fairly large chunks of shares put on sale on the market.
A grand total of 108,376 shares were exchanged over the week within a wide range of Lm11.80c1, which represents a new record high for the equity and Lm11.38c.
Among its peers shares of Bank of Valletta ended the week flat at the Lm4.90c level after rallying to Lm4.99c during the first part of the week. Meanwhile shares in the other listed banks, Lombard Bank and FIMBank closed in opposite direction. The former declined by a mere 0.4 per cent to Lm11.70c whilst shares in the trade specialist bank ended up 3.4 per cent higher at USD2.15c.
Shares in Plaza Centres were down by 5.4 per cent to Lm0.68c as the equity started trading ex-div from the close of Monday’s session. The Company has reported a flat performance for the year ended 31st December 2005 with pre-tax profit up by 2.1 per cent to Lm427,494.
Meanwhile shares in Global Financial Services Group which also reported its full year results recently have gained 0.5 per cent to close the week at a multi-year high of Lm2.00c.
Elsewhere in the market gains were registered in Malta International Airport, Middlesea Insurance and Simonds Farsons Cisk whilst in negative territory ended shares of Maltacom and Datatrak Holdings.
In the meantime at a meeting of the Monetary Policy Advisory Council of the Central Bank of Malta, the Governor left the central intervention rate unchanged at 3.25%.
However, once again the Governor has hinted that the prospect of further increases in interest rates abroad may necessitate a reassessment of the existing monetary policy stance.
This article was compiled by BOV Stockbrokers Ltd, a member of the BOV Group. BOVSL is licensed to conduct investment services business by the MFSA. 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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