HSBC decline weighs on Share Index

The share price of HSBC Bank Malta plc closed lower for the second successive session on lack of support for the equity. After yesterday’s 1.9% drop, the Bank’s share price slipped a further 1.2% during this morning’s session to drop back to the €3.42 level on low volumes of just over 10,700 shares. The downturn in HSBC lowered the MSE Share Index by 0.3% to 3,845.02 points.

Meanwhile Bank of Valletta plc failed to hold on to an intra-day high of €3.155 closing the day unchanged at the €3.15 level. Sixteen trades amounting to 16,152 shares were transacted today.  On the other hand, FIMBank plc traded for the first time this week as a single trade of 2,000 shares was transacted at the US$0.94 level representing a 2.2% rise from the previous close. The trade finance specialist is scheduled to report its 2010 financial statements on 3 March.

Malta International Airport plc held on to yesterday’s multi-year high of €1.70 as another 1,400 shares changed hands at this level. However outstanding bids are already placed at the €1.71 level with lowest offers at €1.75. The airport operator is shortly expected to announce the 2010 passenger numbers which are expected to show a higher than forecasted growth. In fact, MIA already registered a 13% increase in passengers during the first eleven months of 2010 compared to the 8% forecast.

The local bond market closed in negative territory for the seventh successive session. The Rizzo Farrugia MGS Index eases marginally lower today as the benchmark 10-year Eurozone yield hits the 3.10% level.

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