The BLOM Stock Index (BSI) fell by 1.12% to reach 946.78 points over the last week. The market capitalization decreased from $9.33B last week to $9.23B to this week.
On average 103,404 shares worth $ 833,076 were traded on the Beirut Stock Exchange (BSE) this week, compared to 291,418 shares worth $ 508,387 last week.
Regionally, during the past week, the S&P AFE 40, and the MSCI Emerging Markets Index rose by 0.26% and 0.14% while the S&P Pan Arab Composite Large Mid Cap Index witnessed a slight decline of 0.02% by the week ending Jan 25.
In the Arab World, the bourses of Bahrain, Morocco, and Abu Dhabi were this week’s top gainers adding 2.46%, 1.43%, and 0.68% respectively. Meanwhile, the market’s top losers were Tunisia’s Stock Index which closed the week in the red, retreating by 0.62 % and the bourses of Qatar, Saudi Arabia and Dubai that declined by 0.70%, 0.16%, and 0.10% respectively.
On the London Stock Exchange, the GDR shares of BLOM Bank fell by a weekly 1.65% to $8.95, while the GDR shares of Audi Bank witnessed a weekly rise of 0.64% to stand at $4.75.
On the Beirut Stock Exchange (BSE), the banking sector grasped 70.66% of the total trading value, while the real estate sector captured the remaining 29.34%.
In the Banking Sector, during the last week, Audi Listed Shares, BLOM Bank GDR shares and BLOM Bank listed shares fell by 5.31%,2.17%, and 1.62% to reach $4.64 , $9 and $9.10 respectively. Audi GDR shares rose by a weekly 1.50% to reach $4.75 by the week ending Jan 25.
As for the Blom Preferred shares Index (BPSI), it recorded a slight improvement of 0.28% and stood at 86.63 points on the back of the increase in the price of Byblos preferred 08 from $70 to $72.
In the real estate sector, Solidere A and B shares rose 4.56% and 1.43% to stand at $6.42 and $6.37 respectively.
Despite the positive results and decisions that were achieved by the Arab summit last week and the support offered by Qatar and Saudi Arabia to Lebanon’s Economy, Blom stock index continues to fall and closed this week in the red for the fourth time in 2019.
In fact, Moody’s downgraded the ratings of BLOM Bank, Bank Audi, and Byblos Bank, two days after it lowered the mark of Lebanon’s issuer rating to Caa1 from B3, which has led to a decrease in the prices of the shares of Blom bank and Bank Audi, dragging the BSI lower.
Worth mentioning that the prices of Solidere A and B, both stood at $6.10 last Wednesday, one of their lowest values since October last year, after the company revealed losses of nearly $ 99.1M for the first half of 2018, on the back of the political paralysis in the country and the real estate stagnation.