The BLOM Stock Index (BSI) rose by a weekly 0.60% to 1,167.50 points this Friday, following the release of the listed banks’ financial results for the first nine months of the year. During the week an average of 110,658 shares worth $664,196 were traded compared to an average of 121,735 shares worth $1.20M traded the week before.
The market capitalization also increased from last week’s $10.29B to $10.35B this week.
Regionally, the S&P Pan Arab Composite Large Mid Cap Index and the MSCI Emerging Markets Index rose by weekly rates of 0.16% and 1.73%, respectively, while the S&P AFE40 slid by a weekly 0.02%.
In the Arab world, the bourses of Egypt and Tunisia gained 2.61% and 0.37% over the past week while the bourses of Kuwait and Dubai dropped by 1.13% and 0.79% over the past week, respectively.
On the BSE, the real estate sector accounted for 60% of total traded value while the banking sector and the industrial sectors represented respective shares of 35% and 5%.
In the banking sector, BLOM Bank’s GDR shares slid by 0.16% to $12.60 while the bank’s listed shares rose by 0.52% to $11.65.
Bank Audi’s GDR and listed shares gained 2.37% and 1.69% to end the week at $6.04 and $6.00, respectively.
Byblos Bank’s listed shares also gained 0.62% over the past week to reach $1.63.
On the London Stock Exchange, BLOM Bank’s GDR shares and Bank Audi’s GDR shares rose by 1.20% and 3.93% to end the week at $12.70 and $6.08, respectively.
As for the BLOM Preferred Shares Index (BPSI), it also gained a weekly 0.05% to reach 105.59 points as Bank Audi’s preferred I shares added a weekly 0.29% to reach $102.00.
In the real estate sector, Solidere A and B shares dropped by 1.81% and 1.45% to $8.15 and $8.13, respectively.
In the industrial sector, Holcim shares rose from last week’s $13.23 to $14.27 this week.
The performance of banking stocks was boosted by the release of the listed banks’ robust financial results for the first nine months of the year. However, whether this boost will be sustained will depend on the developments on the political scene.