The Beirut Stock Exchange Experienced a Positive Performance During the Week Boosted by the Banking Sector

The Beirut Stock Exchange (BSE) experienced a positive performance during the week, where the banking sector stocks pushed the BLOM Stock Index (BSI) up by 0.07% to 1,225.75 points. As for the average traded volume, it narrowed to 63,261 shares worth $472,235, compared to 1.85M shares amounting to $12.82M, the previous week. However, market capitalization widened by $7.43M to $10.32B.

On a comparative scale, the BSI outperformed the S&P Pan Arab Composite Large-Mid-Cap Index that lost 0.49% from last week’s level and the S&P AFE 40 Index that fell by a weekly 0.07%. However, the Morgan Stanley Emerging Markets Index (MSCI) outpaced the Lebanese gauge as it grew by 0.49%.

On the regional front and due to the rally in oil prices, Dubai was the top performer, surging by 6.09% since last week, followed by Abu Dhabi and Muscat with respective increases of 3.79% and 2.54%.

In contrast, Saudi Arabia, Bahrain, and Egypt were the worst performers, declining by 1.47%, 1.17%, and 0.74%, due to their involvement in the airstrikes on Yemen.

Back to Lebanon, the banking sector grasped 52.92% of total traded value, while the real estate sector slightly contributed to the remaining 47.08%.

In the banking sector, BLOM listed and GDR shares increased by 0.62% and 0.50% to close the week at $9.76 and $10.05, respectively. Similarly, Byblos listed shares added 2.34% to $1.75. In contrast, Audi listed and GDR shares inched down 0.15% and 0.72% to $6.75 and $6.90, respectively.

Similarly, the BLOM Preferred Shares Index (BPSI), gained 0.11% to 106.44 points, as Bank of Beirut (BoB) preferred shares classes “E” and “H” that gained 0.95% each to end the week at the same price of $26.50.

The real estate sector saw a weak activity, where Solidere shares classes “A” and “B” shed 1.76% and 0.09% during the week to $11.15 and $11.11, respectively.

Finally, the Beirut Stock Exchange is expected to operate on a low trading volume, in the next 2 weeks, due to Easter Holidays. However, the Lebanese bourse might experience higher liquidity, after the Lebanese Capital Markets Authority licenses an online stock trading.