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Battered local equities extended their decline last week as investors continued to sell off shares in major companies, breaching in the process perceived key support levels, as demand in general remained subdued. The Malta Stock Exchange Index lost in excess of 4 per cent throughout the week after falling in twelve out of the last thirteen sessions.
HSBC Bank Malta which is the major component of the Index, was the most badly hit with the share price falling in excess of seven per cent to a five month low of Lm2.10c. The equity attempted a timid recovery on Thursday when it bounced up to Lm2.16c and added another 1c at Friday’s open but surrendered to selling pressure throughout the day, as activity in the equity remained relative strong.
Bank of Valletta shares closed the week off its lows after touching an intraday day low of Lm3.81 during the week. In effect by Friday’s close, the share price was up to Lm3.95c but still 2.5 per cent lower compared to last week.
Elsewhere shares on Maltacom, Malta International Airport and International Hotel Investments all ended the week with losses above four per cent. The former managed to trim losses in the last trading session having touched a low of Lm1.84c throughout the week. On the other hand, both MIA and IHI closed the week at their lowest levels of Lm1.40c and €0.90c, respectively.
The small cap market bucked the broader trend as three companies managed to wrap up the week with some gains. Among them, Lombard Bank shares jumped in excess of ten per cent to Lm5.35c while Simonds Farsons Cisk and FIMBank registered gains in the region of one per cent.
The only other equity registering a change in price this week was Datatrak Holdings on the Alternative Companies List which shed 3.2 per cent to Lm0.30c.
This article was compiled by Bank of Valletta p.l.c. which is licensed to conduct investment services business by the MFSA. Bonds and shares may be purchased and sold from any BOV branch. Further details may be obtained by contacting us on Tel. 2131 2020 or email: customercare@bov.com
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