Maltese market closed in the green on Tuesday, with MSE total index ending the session 0.578% higher to 9,452.260 points. The best performer was International Hotel Investments plc with a 3.95% surge, to close at 0.79, followed by 1.53% jump of Malta International Airport plc and 0.94% rise of HSBC Bank Malta plc with a closing price of 6.65 and 1.07 respectively. The biggest and only fall was seen from PG plc with a drop of 1.5% to close at 1.97.
European shares ended at their lowest in nearly two months on Tuesday as concerns over a coronavirus pandemic roiled markets which had already marked enormous losses in the prior session. The pan-European Stoxx 600 fell 1.76% to 404.60, alongside a 1.88% drop for the German Dax to 12,790.49, while the FTSE Mibtel was off by 1.44% at 23,090.44.
U.S. stocks skidded the most Tuesday as the market slides for the fourth straight day, The Dow Jones Industrial Average dropped 3.1%, to close at 27,081.36, while the S&P 500 index declined 3% after the day’s early gains evaporated. The Nasdaq Composite Index lost 2.8%.
What coronavirus might mean for financial markets and the world economy.
Financial markets plunged again on Tuesday as investors continued to worry about the spread of the coronavirus.
Airlines and travel companies, as well as firms that rely on China as part of their supply chain, were again among the most affected. Oil prices also dropped.
Losses on US markets accelerated after US health officials warned that the public should expect cases to spread.
Investors continued to sell stocks. Shares in American Airlines fell 9%, while Norwegian Cruise Line Holdings and Marriott dropped almost 8%.
Some analysts said they expect the spread of the coronavirus to peak in the first quarter of this year, with economic activity rebounding in the second quarter.
"Those who expect the virus to kick off a global recession might be disappointed, as the impact is likely to be temporary," said Margaret Yang, an analyst with CMC Markets. "Central banks around the globe are ready to inject liquidity and cut down interest rates to cushion the headwind."
This article was issued by Nadiia Grech, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.