The continuing political deadlock as of PM Saad Hariri’s resignation is still weighing down on the Lebanese bourse. As such, the BLOM Stock Index (BSI) lost a weekly 3.12% to reach the level of 1,094.84 points, its lowest since May 2009.
During the week an average of 195,045 shares worth $1.65M were traded compared to 175,954 shares worth $2.01M the week before.
The market capitalization reached $9.70B this Friday, compared to $10.01B, last week.
Regionally, the S&P Pan Arab Composite Large Mid Cap Index and the MSCI Emerging Markets Index were also down this past week by 0.29% and 0.74%, respectively. Meanwhile, the S&P AFE40 added a weekly 0.09%.
In the Arab world, stock markets in Egypt, KSA and Qatar registered weekly losses of 3.50%, 0.59% and 0.76%, respectively.
Meanwhile, the bourses of Dubai and Bahrain registered modest weekly gains of 0.30% and 0.18%, respectively.
On the BSE, the banking sector accounted for 39.75% of total traded value while the real estate and industrial sectors accounted for the remaining 39.50% and 1.25%, respectively.
In the banking sector, BLOM Bank’s GDR and listed shares slid by 4.53% and 1.09% to $10.97 and $10.85, respectively. Bank Audi’s GDR shares and listed shares also declined by 2.56% and 6.67% to end the week at $5.70 and $5.60, respectively. As for Byblos Bank’s listed shares, they fell by 4.38% to stand at $1.53.
On the London Stock Exchange, BLOM Bank’s GDR shares and Bank Audi’s GDR shares fell by 9.21% and 4.60% to reach $10.85 and $5.60, respectively.
As for the BLOM Preferred Shares Index (BPSI), it fell by 0.33% to reach 105.28 points as Bank Audi’s Preferred G, H, and I shares respectively fell by 0.49%, 0.20%, and 1.47% to $100.7, $101, and $100.5. Moreover, Byblos Preferred 2008 and 2009 shares dropped by 0.49% and 0.10% to $101.50 and $102.10, respectively. Bank of Beirut’s Preferred I shares regressed by 0.58% to $25.50, while Bank of Beirut’s Preferred H and J added 0.59% and 1.18% to reach $25.65, each.
In the real estate sector, Solidere A and B shares dropped by 0.80% and 1.84% to $7.44 and $7.46, respectively.
In the industrial sector, Holcim shares and Ciments Blancs Nominal shares increased by 7.33% and 18.68% to settle at $14.50 and $2.16, respectively.
The Lebanese stock market has taken a hard hit due to the recent political developments. The uncertainty revolving around the future turn of events may further the market’s decline.