Another Weekly Loss Characterized the Lebanese Bourse This Week


The BLOM Stock Index (BSI) ended the week at 1,225.87 points, 0.15% down compared to last week’s 1,227.67. This was also translated by a $15.54M weekly decrease in the market capitalization to $10.56B. However, trading activity improved this week as reflected by the average traded volume that more than doubled going from 51,650 shares worth $398,893 last week to 180,899 shares worth $1.59M this week.

 The S&P Pan Arab Composite LargeMidCap Index and the S&P AFE40 were also down this past week with respective declines of 0.32% and 0.07%. However, the MSCI Emerging Markets Index rose by a weekly 0.49%.

In the Arab markets, Abu Dhabi was the week’s best performer after recording a 1.59% weekly increase and was trailed by each of Qatar and Kuwait that posted weekly rises of 0.81% and 0.54%, respectively. As for the week’s worst performers, Dubai stock market revealed a 1.70% weekly drop and was followed by the Tunisian and the Saudi bourses, which respectively lost 0.59% and 0.62%.

Back to the Beirut Stock Exchange, the banking sector accounted for 82.78% of the total traded value on the Beirut Stock Exchange. BLOM shares ended the week in the red as both BLOM common shares and GDRS respectively lost 1.19% and 1.70% to $12.80 and $11.95. Mixed performance characterized Bank Audi’s shares as the common stock saw its price slip by 1.62% to $6.70, while the GDR shares rose by 0.30% to $6.79. In addition, Byblos common shares lost 1.14% to settle at $1.73 by the end of the week.

As for the BLOM Preferred Shares Index (BPSI), it rose by a weekly 0.06% to 106.10 points mainly on account of the 0.49% uptick in the price of Byblos Preferred 2008 shares to $103.00.

In the real estate sector, which accounted for 16.05% of total traded value this week, Solidere A and B shares decreased by 0.99% and 1.56% to $9.02 and $8.86, respectively.

In the industrial sector, Holcim’s listed shares rose 0.87% to end the week at $11.60.

On the London Stock Exchange (LSE), the GDR shares of Bank Audi increased by 0.15% to $6.80, while those of Solidere lost 0.54% to $9.18.

For the coming period, the negative sentiment that characterized the country following the announcement of intended taxes’ increase may continue to weigh on the Lebanese stock market.

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