The Beirut Stock Exchange (BSE) did not maintain its momentum it had at the start of 2015, where the BLOM Stock Index (BSI) saw a 0.34% weekly drop to close at 1,176.56 points on Friday.
Trade activity dropped over the week, with an average of 244,425 shares worth $1.53M being traded each day, compared to an average volume of 861,173 shares worth $5.02M the previous week. As for the market capitalization, it narrowed by $33.77M to $9.83B.
Despite its decline, the BSI was able to outperform 2 of its regional peers, the S&P Pan Arab Composite Large Midcap Index and the S&P AFE 40 Index, which recorded weekly decreases of 1.54% and 1.52% to 131.06 points and 60.84 points, due to the continued drop in oil prices. However, the Morgan Stanley Emerging Markets Index (MSCI) increased by 0.27% to 958.83 points.
In the Arab World, only two financial markets posted weekly increases, Egypt’s stock market and Qatar’s bourse with respective gains of 0.22% and 0.16%. The rise in the Egyptian market was mainly due to the improving political environment and the launching of the government’s medium-term economic reform plan.
In contrast, Dubai’s financial market was the worst performer, dropping 2.64%, followed by Muscat’s bourse and the Saudi financial market declines of 1.57% and 1.48%, respectively.
Back to the BSE, the banking sector contributed 89.59% of total traded value, followed by the real estate sector and the industrial sector with respective shares of 10.03% and 0.38%.
In the banking sector, Audi GDR shares and Byblos listed shares lost 4.27% and 3.61% to close the week at $6.50 and $1.60, respectively. In contrast, BLOM GDR shares, Audi listed shares and BEMO listed shares improved by 1.22%, 2.62%, and 2.29% to $9.92, $6.26, and $1.79, respectively.
Similarly, the BLOM Preferred Stock Index (BPSI) edged down by 0.10% to 105.82 points, as Byblos preferred 09 shares and BLC preferred shares class “A” dropped 0.88% and 2.91%, weekly, to $101.20 and $100, respectively. Meanwhile, Audi preferred shares class “F” and BEMO preferred 2013 shares added 0.59% and 1% to $102.80 and $101, respectively.
In the real estate sector, Solidere shares classes “A” and “B” witnessed weekly declines of 2.18% and 1.07% to $11.22 and $11.11, respectively.
In the industrial sector, Holcim shares recovered its last week’s decrease, gaining 1.64% to $15.50.
Looking forward, the BSE is forecasted to improve over the coming week, as the 4th quarter bank results are predicted to be released by next week.