Global Markets summary and an update on the coronavirus pandemic & China’s decisions on the matter.
Maltese market closed in the green on Friday, with MSE total index ending the session 0.543% higher to 9,518.124 points. The best performer was International Hotel Investments plc with a 3.90% surge, to close at 0.8, followed by 2.86% jump of Lombard Bank plc and 2.31% rise of Malta Properties Company plc with a closing price of 2.16 and 0.665 respectively. The biggest faller was Medserv plc. as it dropped 5.5% to close at 1.03. HSBC Bank Malta plc lost 2.73% with a closing price of 1.07, while Plaza Centres plc was down 1.9% and closed at 1.03.
European stocks had a volatile day of trading on Friday, with sharp losses after a closely-followed activity survey in the States came in well beneath forecasts, pointing to an economy on the brink of recession, in part on account of the Chinese coronavirus. By session’s end, the benchmark Stoxx 600 was down by 0.49% higher at 428.07, alongside a drop of 0.62% on the German Dax to 13,579.33, while Milan’s FTSE Mibtel was off by 1.22% to 24,773.15.
US stocks closed sharply lower on Friday as new cases of the Wuhan coronavirus accelerated overnight, adding to fears that a pronounced global economic slowdown was on the horizon. At the close, the Dow Jones Industrial Average was down 0.78% at 28,992.41, while the S&P 500 was 1.05% weaker at 3,337.75 and the Nasdaq Composite saw out the session 1.79% softer at 9,576.59.
Fear of coronavirus pandemic grows but China eases curbs as new infections fall
Fears of a coronavirus pandemic grew after sharp rises in new cases reported in Iran, Italy and South Korea but China relaxed restrictions on movements in several places including Beijing as its rates of new infections eased.
The surge of infections outside mainland China triggered steep falls in Asian shares and Wall Street stock futures as investors fled to safe havens such as gold. Oil prices tumbled and the Korean won fell to its lowest since August.
The Geneva-based World Health Organization said it no longer had a process for declaring a pandemic but the coronavirus outbreak remained an international emergency.
China reported 409 new cases on the mainland, down from 648 a day earlier, taking the total number of infections to 77,150 cases as of February 23. The death toll rose by 150 to 2,592.
Outside mainland China, the outbreak has spread to about 29 countries and territories, with a death toll of about two dozen.
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.