The BSI in the Red amid Uncertain Political Developments  

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.

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