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19.10.2023 6 MARKETS Symbol Volume Value Trades High Low Open Closing Change Code Traded Traded Trades Price Price Price Price EQUITIES APS 7,526 4,515.60 1 0.600 0.600 0.600 0.600 0.000 BMIT 135,625 58,318.75 5 0.430 0.430 0.430 0.430 0.000 BOV 73,352 81,346.38 7 1.130 1.090 1.110 1.130 0.040 GO 9,400 27,778.00 4 2.960 2.940 2.960 2.940 0.000 HLI 1,800 410.40 1 0.228 0.228 0.228 0.228 0.000 HSB 109,863 119,750.67 4 1.090 1.090 1.090 1.090 0.000 MIA 19,973 108,882.85 4 5.500 5.450 5.500 5.450 0.000 PG 83,900 161,386.52 7 1.940 1.920 1.920 1.940 0.020 CORPORATE STOCKS G32G 10,000 10,365.00 1 103.650 103.650 103.650 103.650 -0.580 G34A 58,400 60,718.48 1 103.970 103.970 103.970 103.970 -1.030 G40A 216,000 192,302.18 7 99.000 88.280 98.000 88.280 -2.220 G43AA 25,000 24,835.00 1 99.340 99.340 99.340 99.340 -0.910 CORPORATE BONDS AX24A 25,000 25,250.00 1 101.000 101.000 101.000 101.000 0.990 AX29A 4,300 4,203.25 1 97.750 97.750 97.750 97.750 -0.200 BB33A 8,500 8,712.50 1 102.500 102.500 102.500 102.500 0.500 BV30B 27,200 24,147.46 8 89.200 88.500 88.510 89.200 1.190 CE33A 10,100 10,100.00 1 100.000 100.000 100.000 100.000 0.000 DF26A 20,000 20,000.00 1 100.000 100.000 100.000 100.000 0.010 HF28A 5,000 4,675.50 1 93.510 93.510 93.510 93.510 0.010 IB32A 10,000 10,000.00 1 100.000 100.000 100.000 100.000 0.000 IH26A 13,500 13,600.65 3 100.750 100.740 100.740 100.750 0.000 IH31A 4,000 3,720.00 1 93.000 93.000 93.000 93.000 0.000 JD32A 9,100 9,044.35 2 99.850 99.010 99.850 99.010 -0.840 MI23A 9,000 8,998.35 2 100.000 99.970 99.970 100.000 0.800 MP32A 5,000 4,970.00 1 99.400 99.400 99.400 99.400 -0.100 ON34A 16,000 15,360.00 2 96.000 96.000 96.000 96.000 -2.000 SF27A 10,000 10,000.00 1 100.000 100.000 100.000 100.000 0.700 SP29A 3,000 2,970.00 1 99.000 99.000 99.000 99.000 0.000 ST27A 33,000 33,000.00 4 100.000 100.000 100.000 100.000 0.000 VR27A 300 289.50 1 96.500 96.500 96.500 96.500 -2.400 Malta Stock Exchange Regulated Main Market Trading Date: 18 October 2023 Euro-Dollar: Peak pessimism might have passed, says ING THE Euro to Dollar exchange rate could benefit from return- ing investor appetite amidst signs that the worst of the Eu- rozone's economic downturn might have passed and China's growth prospects are improv- ing. Peak pessimism on the Euro- zone could come alongside peak optimism on the ability of the U.S. economy to outperform, which adds another source of potential support to the EUR/ USD, according to one analyst we follow. "We are observing some ten- tative return of appetite for long euro positions in the mar- ket, despite lingering evidence of U.S. activity strength," says Francesco Pesole, FX Strategist at ING Bank. A potential turning point in the Eurozone data pulse comes courtesy of better-than-expect- ed business confidence num- bers from Germany, where the ZEW survey index beat expec- tations with a print of -1.1, a significant beat of the -9.3 that was expected and a recovery on September's -11.4. "The assessment of the eco- nomic situation in Germany has stabilised," said the ZEW. The "figures might have fuelled a narrative that we have already touched peak pessi- mism in the eurozone, similar to what we are observing with Chinese sentiment. By contrast, markets might start to think op- timism on the U.S. growth sto- ry is also close to the peak and are anticipating a rotation back into EUR/USD," says Pesole. The Euro-Dollar exchange rate has fallen some 6.0% since July's highs but has stabilised above 1.05 during the course of October. The question asked by FX watchers is whether this stability is a pause in the trend or a base. "We still deem a sustainable EUR/USD rally premature, giv- en the strong (and growing) USD rate advantage. Improve- ments in the eurozone growth narrative would help, but a weakening in US data remains the key to unlocking major up- side room for the pair," says Pe- sole. The Euro's stabilisation comes alongside expectations that China has also seen negative ex- pectations form a base, which is supportive of the Euro owing to the strong trading relationships between the two economies. "With Chinese data helping today, we could see some sup- port above 1.0600 coming to- day. The volatile situation in the Middle East remains a big question mark on the direction for the pair in the short-term though," says Pesole. China said Wednesday that GDP expanded by 4.9% in the year to the third quarter, exceeding esti- mates of 4.4%. is represents a slowdown on Q2's 6.3%, but as always, when it comes to currencies, it is how the incoming data matches up against expectations. Chinese industrial production expanded 4.5% in the year to Sep- tember, which was better than the 4.3% expected and in line with the previous month's release.

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