Over the past two weeks, performance of the Beirut Stock Exchange witnessed no change with the BLOM Stock Index (BSI) marginally up ticking by 0.01% to 1,149.42 points. This was translated by a $32.79M increase in the market capitalization to $9.47B.
As for trading activity, it progressed during the last two weeks with the average traded volume accelerating from 233,321 shares worth $2.49M to 788,722 shares worth $5.63M this week.
When compared to regional indices, the BSI outperformed, on a two-week basis, some of its regional peers. The Morgan Stanley (MSCI) emerging index recorded a 0.69% drop, while the S&P Pan Arab Composite LargeMidCap Index and the S&P AFE40 registered respective declines of 1.82% and 1.55%.
Amongst the Arab bourses, the BSE ranked third and was outpaced by each of the Jordanian and Bahraini stock markets, which respectively added 1.12% and 1.28%. In contrast, Saudi Arabia was the worst performer over the past two weeks after registering 3.69% drop, while Egypt and Qatar followed with respective declines of 3.35% and 1.15%.
The banking sector maintained the largest share of total value traded on the Lebanese Bourse, with a share of 97.65%. Audi common shares and BLOM GDRs rose over the past two weeks by 0.81% and 1.48% to settle at $6.25 and $10.30, respectively. Worth mentioning, Deutsche Bank Trust Company Americas, the depositary within Bank Audi’s GDR Program, will issue GDRs against the purchase of 4,936,766 Bank Audi ordinary shares. The transaction was executed on the 20th of September with the value date being on the 23rd of September.
However, the BLOM Preferred Shares Index (BPSI) fell by 0.29% to 104.21 points. This resulted from the decline in Byblos preferred 2008 and 2009 shares by 0.40% and 0.30% to $100.60 and $100.00, respectively. Bank of Beirut preferred H shares also decreased by 1.96% to $25.00.
The real estate sector, accounting for 2.26% only of total traded value, revealed mixed performance over the past two weeks. Solidere class “A” registered a loss of 1.53% to $9.01, while the class “B” increased by 0.33% to $9.13.
As for the manufacturing sector, HOLCIM shares saw their prices drop 1.61% to $14.50, end of this week.
On the London Stock Exchange, Solidere GDRs fell by 1.61% over the past two weeks to close at $9.15. In contrast, BLOM and Audi GDRs added 0.49% and 0.81% to $10.20 and $6.20, respectively.
Going forward, activity on the Beirut Stock Exchange is likely to maintain its positive performance if the political uncertainty prevailing in the country eases. Investors remain skeptical about the future prospects of electing a president and resolving the waste management crisis.