Local equities decline; Index at 1-month low

The local equity market started off the week on a negative note as the MSE Share Index dropped by 0.9% to a 1-month low of 3,821.300 points. The share prices of both large banks closed lower with HSBC Bank Malta plc and Bank of Valletta plc down 2% and 0.95% respectively. GO plc and Malta International Airport plc also ended the day in negative territory while Middlesea Insurance plc and Lombard Bank Malta plc were the only gainers today.

HSBC’s share price dropped 2% to €3.401 on weak activity of only 6,458 shares mainly on lack of support for the equity as the market awaits the Bank’s full-year results publication scheduled for next Friday.

Trading activity in BOV shares continued to be characterised by high volumes with a further 61,775 shares changing hands today. BOV’s equity closed the day 0.95% lower at €3.02. Last week BOV’s share price slipped 2.6% lower in response to the publication of the Interim Statement and the media reports surrounding the MFSA’s investigation into the La Valette Property Fund.

Some profit-taking in MIA shares forced the price to drop by 2.2% from its 59-month high of €1.85. A total of 12,600 shares changed hands today with the price easing to €1.81. Further bids remain unsatisfied at this level with lowest offers at €1.85.

Meanwhile, MaltaPost plc’s share price held on to its all-time high of €1.07 while MIDI plc traded again at the €0.45 level.

Subscriptions by the General Public for the two new Malta Government Stocks close next Wednesday 16 February.