The Beirut Stock Exchange (BSE) registered a gain for the third week back-to-back, due to political discussions concerning resolutions of key issues like appointing the members of the Banking Control Commission and expectations of approval of the wage-hike bill by end of March. Accordingly, the BLOM Stock Index (BSI) posted a weekly uptick of 0.28% to 1,223.64 points, widening its year-to-date gain to 4.56%. The week was marked by a large cross trade on BLOM listed shares worth $14.06M. Thus, market capitalization broadened by $28.78M to $10.30B. As for the average traded volume it increased from 54,071 shares worth $336,298 to 365,407 to $3.47M.
On a comparative scale, the BSI outperformed the S&P Pan Arab Composite Large-Mid-Cap Index that rose by 0.24% from last week’s level, the S&P AFE 40 Index that lost 0.25%, and the Morgan Stanley Emerging Markets Index (MSCI) that edged down 2.67%.
Regarding the Arab bourses, Saudi Arabia’s bourse was the week’s best performer recording a 1.83% progress after the kingdom’s housing minister was dismissed from his position, which investors may interpret as a push to speed up the state’s housing construction program. Bahrain’s stock market and Egypt’s stock exchange followed adding a weekly 1.08% and 0.68%, respectively.
In contrast, the worst performing Arab stock markets were Abu Dhabi, Muscat and Dubai recording respective weekly declines of 2.26%, 1.94% and 1.06%.
Back to Lebanon, the banking sector contributed to 89.06% of overall traded value while the real estate sector contributed for the remaining 10.88% and 0.06%, respectively.
In the banking sector, BLOM listed shares and BEMO listed shares gained 0.11% and 6.15% to end the week at $9.16 and $1.90, respectively. Worth mentioning that 1.54M shares worth $14.06M were cross traded on Thursday. In contrast, Byblos listed shares and Audi GDR shares declined by a weekly 1.18% and 3.05% to $1.68 and $7, respectively.
As for the BLOM Preferred Shares Index (BPSI), it inched up by 0.09% to reach 106.30 points. The index was boosted by the weekly positive performance of Byblos Preferred 2009 shares and Audi Preferred shares class “F” that added 0.20% and 0.78% to $102.40 and $103.80, respectively.
Solidere shares ended the week on a positive note. Solidere “A” and “B” shares gained weekly 3.15% and 2.64% to $11.80 and $11.66, respectively.
In the industrial sector, Ciments Blancs Bearer shares gained 7.14% to $3.75.
The relatively stable security situation and potential political talks to fill the presidential vacuum might keep the BSI on its uptrend for the coming week.