The BLOM Stock Index (BSI) decreased by a weekly 1.44%, to settle at 1,048.79 points by June 29, 2018. That was also mirrored by the market capitalization contracting from last week’s $10.49B to $10.34B this week.
Similarly, activity on the BSE weakened over the week’s five trading sessions with a traded average of 385,729 shares worth $2.46M as compared to last week’s 202,645 shares worth $1.64M.
The MSCI Emerging Markets Index dropped by a weekly 3.10%, while the S&P AFE 40 and the S&P Pan Arab Composite Large Mid Cap Index gained 0.58% and 0.76%, respectively.
Regionally, Dubai Stock market was the worst performer, recording a loss of 3.66%. However, the bourses of Saudi Arabia, Qatar and Abu Dhabi registered weekly rises of 1.31%, 1.14%, and 0.55%, respectively.
On the Beirut Stock Exchange (BSE) this week, the banking sector grasped the largest share of the total traded value, with 82.56%, while the real estate and industrial sectors grasped the remaining shares of 17.30% and 0.14%, respectively.
In the banking sector, Bank Audi GDR shares rose by 1.8% to reach $5.10, while BLOM GDR shares fell by a weekly 0.47% to $10.50.
As for the BLOM Preferred Shares Index (BPSI), it fell by 1.94% over the week to 93.65 points. In details, the drop is attributed to the:
- 50% weekly drop in the shares of Bank Audi Pref J to $93.50
- 14% weekly drop in the shares of Byblos Bank Pref 2009 to $90.90
- 85% weekly drop in the shares of Bank of Beirut Preferred J to $25
- 9% weekly drop in the shares of BLC Preferred D to $91
On the London Stock Exchange, Bank Audi GDR shares increased from $4.49 to $5.10.
In the real estate sector, Solidere A and B shares decreased by a weekly 9.17% and 11.88% to reach $7.23 and $7.05, respectively.
In the manufacturing sector, Holcim Liban shares fell by 1.71% over the week to $15.50.
In the retail sector, on the 27th of June, Shift Holding SAL bought, through a Block Trade, all the 222,222 common shares class B of Mr. Samer Chawaf in Rasamy Younis Motor Co. at a price of $3/share.
The rising credit default swaps as well as the slowdown in the Lebanese Eurobonds markets have weighed down on the Lebanese bourse. As such, the Lebanese economy is in dire need of reforms and a swift government formation.