Local equity index drops to new 2010 low

The Malta Stock Exchange Share Index closed in negative territory for the seventh time in eight sessions. The Index slumped a further 0.2% during this morning’s session to a new 2010 low of 3,336.618 points mainly due to the 1.2% drop in Bank of Valletta plc. Following today’s downturn, the Index is now 3.6% below its value at the beginning of the year. Volumes across some of the equities this morning increased compared to previous weeks.

Sustained selling pressure forced BOV’s share price lower for the third consecutive session. The equity slipped another 1.2% today to the €3.20 level on volumes of almost 13,000 shares. Meanwhile HSBC Bank Malta plc maintained the €2.80 level across six trades totalling 3,700 shares.

Lombard Bank Malta plc also shed 1.4% to close at the €2.70 level although volumes were weak amounting to only 625 shares. On the other hand, Middlesea Insurance plc climbed 2.1% to regain the €0.99 level on a single trade of only 500 shares.

The other mover today was Malta International Airport plc which inched 0.7% higher to the €1.53 level on increased volumes of 24,181 shares.

GO plc closed unchanged at the €1.85 level after recovering from an intra-day low of €1.83 across eight trades amounting to 17,300 shares. Plaza Centres plc and MaltaPost plc both traded unchanged with the postal operator maintaining its 2010 high of €0.90 on activity amounting to 88,726 shares.

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