The Beirut Stock Exchange, depicted by the BLOM Stock Index (BSI), witnessed an upturn this week, where the index rose 0.16% to 1,145.49 points. Likewise, market capitalization increased to $9.43B, as opposed to $9.42B during last week.
Moreover, trading activity progressed during this week with the average traded volume accelerating from last week’s 595,583 shares worth $5,705,918 to 1,908,720 shares worth $14,261,267 this week.
When compared to regional indices, the BSI was outperformed by several regional peers. The Morgan Stanley (MSCI) emerging index recorded a significant rise of 4.06%. Also, the BSI fell behind the S&P Pan Arab Composite LargeMidCap Index and the S&P AFE40 which recuperated this week and registered respective weekly increases of 1.29% and 0.59%
The top performer for this week was the Saudi Arabian stock market, which registered a 2.57% rise. This increase is mainly linked to the 10% upturn in oil prices during this week. The Jordanian and Omani bourses followed with respective increases of 1.57% and 1.11%.
In contrast, Qatar maintained its position as the worst performer during this week too, where its stock market fell 2.79%, as investors cashed their gains following the rally that took place following the FTSE inclusion. Also, Bahrain and Tunisia’s indices fell 2.03% and 0.14%, respectively.
The banking sector maintained the largest share of total value traded on the Lebanese Bourse, with a share of 99.15% with Audi common shares, Audi GDR and BLOM GDR rising 1.64%, 2.46%, and 0.5% to stand at $6.20, $6.25, and $10.15, respectively.
However, the BLOM Preferred Shares Index (BPSI) fell by 0.10% to 104.61 points as a result of the decline in Audi preferred G and H shares by a similar 0.2% to $100.10 and $101.10, respectively. Also, BLOM Preferred 2011 and Byblos Preferred 2009 dropped 0.50% each to $10.00 and $100.50, respectively. In contrast, BOB preferred I and BLC preferred B grew 0.59% and 0.50% to $25.65 and $100.50.
In the real estate sector, which accounted for 0.84% only of total traded value this week, both Solidere class “A” and “B” registered losses of 2.27% to $9.03 and 0.88% to $9.02, respectively.
As for the manufacturing sector , HOLCIM’s prices plunged 2.59% to $13.53, end of this week.
On the London Stock Exchange, both BLOM GDRs and Solidere GDRs witnessed an upturn during this week, where they grew 0.50% and 4.44% to $10.15 and $9.40, respectively. However, Audi GDRs dropped 0.81% to $6.15.
As the Eid holidays coincide in the upcoming week, it is expected that the economic activity will slow down, not only in Lebanon but also across the region.