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9.11.2023 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: 8 November 2023 HSBC: Pound Sterling overvalued vs Dollar, could slide to 1.2040 FOREIGN exchange analysts at HSBC note that GBP/USD spiked to highs above 1.2400 at the end of last week as the dol- lar came under pressure. According to the bank; "The move looks extreme relative to changes in relative 2y swap rate differentials which suggest GBP-USD should be closer to 1.20 than 1.23." In this context, the bank rec- ommends selling GBP/USD with a target of 1.2040. Increased speculation over Bank of England (BoE) rate cuts has undermined the Pound. Global equities have been un- able to advance further amid reservations surrounding the global economy. This combination has under- mined Pound support and GBP/ USD has retreated to 1.2250. HSBC maintains a downbeat stance on the UK economy; "The UK activity surprise index has taken a turn lower, while US activity data continues to sur- prise somewhat to the upside. Global risk appetite is also un- likely to rise significantly, giv- en a soft global data pulse and limited potential for policy sup- port." JP Morgan remains cautious over selling the dollar; "US de- velopments have opened a win- dow for USD weakness, but dol- lar bears would be well served to ask for how long. US excep- tionalism still lingers, as, unlike this time last year, the rest of the world looks to be on a more tenuous footing." In comments on Monday, BoE chief economist Pill stated that it was realistic to see scope for lower interest rates in the third quarter of 2024. He also warned over the dan- gers of holding a restrictive pol- icy for too long. MUFG considers that there will be four clear stages of Bank of England communication. The first two stages are em- phasising the need to raise rates followed by an insistence that rates will have to stay high for longer. The third stage would be communicating the possibility of rate cuts further out which would be followed by hints that rate cuts are imminent. According to MUFG; "the comment from Pill that would suggest moving to (3) has come a little faster than expected. The BoE may well feel more confi- dent in making a statement like this given we should certainly be on the cusp of UK inflation falling into line with elsewhere." The bank notes that the Oc- tober inflation data, released next week, will inevitably show a very sharp decline in infla- tion as the jump in retail energy prices from October 2022 will come out of the annual calcu- lation. The bank considers that with the potential for the annual CPI rate to fall below 5.0% next week, there the BoE can focus a little more on growth and activ- ity relative to a few months ago." It adds; "That shift in focus would certainly imply more dovish rhetoric from the BoE as we approach year-end and enter 2024."

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