The BLOM Stock Index (BSI) rose by 0.76% over the past week to 1,164.60 points. The average traded volume and value of shares however decreased from last week’s 1,930,384 shares worth $19.5M to 269,088 shares worth $1.5M.
The market capitalization rose from $9.98B last week to $10.03B this week.
Regionally, the MSCI Emerging Markets Index was the only negative performer this past week with a 0.6% decrease to settle at 1,008.5 points, while the S&P Pan Arab Composite LargeMidCap Index and the S&P AFE40 gained 0.2% and 0.05%, to stand at 112.92 points and 55.43 points, respectively, over the week.
The bourses of UAE, Egypt, and Bahrain ended the week with increases of 1.16%, 0.96%, and 0.41%, respectively. However, the Morocco bourse slipped by 0.15% and the Saudi Arabian exchange lost 0.11%.
On the Beirut Stock Exchange (BSE), the banking sector accounted for 75.97% of the total traded value, while the real estate sector grasped a stake of 24%, and the industrial sector constituted the remaining 0.03% of the total traded value.
BLOM Bank’s GDR and listed shares added 0.42% and 0.93% over the week to reach $11.85 and $10.90, respectively. Bank Audi’s GDRs and Byblos Listed shares also gained 1.64% and 3.11% to stand at $6.20 and $1.66, respectively.
However, Bank Audi’s listed shares declined by 0.17% to settle at $6.00.
As for the BLOM Preferred Shares Index (BPSI), it stabilized at 104.95 points. Bank Audi’s preferred I shares registered a 0.20% uptick to end the week at $100.70, while the Preferred 2009 shares of Byblos Bank lost 1.27% to $100.7.
Following the positive political developments of June 1, 2017 regarding the leaders’ agreement on a new electoral law, the real estate sector led the improvement on the BSE, with Solidere’s A and B shares adding 1.01% and 3.22% to $9.04 and $8.97, respectively, over the week.
In the industrial sector, Holcim’s shares lost 2.10% to $12.10.
On the London Stock Exchange (LSE), BLOM Bank’s and Audi’s GDRs gained 0.42% and 0.33%, respectively, to close at $11.85 and $6.12, while Solidere’s GDR shares lost 3.17% to $8.54.
The country’s leaders have released white smoke this week as they agreed on the essential elements of a new electoral law following the June 1, 2017 Iftar at the presidential palace. The official vote on the new law will be scheduled later this month, so the BSE’s activity in the coming period will therefore develop with the optimistic context created this first week of June, especially if positive vibes materialize with the ratification of a new electoral law by parliament.