Despite the bearish trend that painted regional stock markets, the Beirut Stock Exchange (BSE) ended this week’s session in the green. For the fourth week in a row, the BLOM Stock Index (BSI) managed to improve and settle at 1,229.34 points. In fact, the Lebanese index saw a 0.47% weekly progress, widening its year to date performance to 5.05%. However, trading activity was frailer than the previous week with the average traded volume tightening from 365,407 shares worth $3.47M to 72,256 shares amounting to $604,479. Thus, market capitalization broadened by $47.98M to $10.35B.
On a comparative scale, the BSI outperformed the S&P Pan Arab Composite Large-Mid-Cap Index that lost 4.88% from last week’s level and the S&P AFE 40 Index that fell by a weekly 5.07%. However, the Morgan Stanley Emerging Markets Index (MSCI) outpaced the Lebanese gauge and edged up by 1.73%.
On the regional front, the BSE was the only Arab stock market to post a weekly gain as the performance of all Arab bourses went hand in hand with the weekly slip of international oil prices. In fact, GCC exporting oil countries were the most to be impacted by the international oil trend with Dubai, Saudi Arabia, Qatar and Abu Dhabi posting respective weekly losses of 6.32%, 5.33%, 4.61% and 3.25%.
Back to Lebanon, the real estate sector dominated the stock market this week grasping 62.14% of total traded value, while the banking sector contributed to the remaining 37.86%.
Starting with Solidere’s activity, mixed performance was witnessed on the BSE this week. Solidere shares class “A” slipped by a weekly 0.08% to $11.79 while the class “B” shares gained 1.89% to $11.88.
In the banking sector, BLOM and Audi listed shares improved this week by 0.11% and 1.48% to $9.17 and $6.85, respectively. In addition, and while Byblos common shares rose 3.57% from last week to $1.74, Audi GDR shares dropped by 3.57% from $7.00 last week to $6.75.
Even though preferred shares on the BSE fluctuated in diverging trends, the BLOM Preferred Shares Index (BPSI) steadied by the end of Friday’s session at last week’s level of 106.30 points. In details, Byblos Preferred 2008 shares added 0.20% to $102.40, while the preferred shares of BLC class “C” ticked down by 0.99% to $ $100.00.
The Beirut Stock Exchange is expected to maintain its momentum and stay immune to regional trends amid a stable political and security situations. However, any breakthrough on the presidential front could accelerate the BSI’s progress in the coming period.