BLOM Stock Index Up 0.42% despite Passing of Controversial Salary Scale

The BLOM Stock Index (BSI) gained 0.42% over the past week to 1,156.60 points. The average weekly traded volume dropped from 278,624  to 188,161, while the average traded value fell from $2.73M to $1.45M.

The market capitalization rose from $9.57B last week to $9.60B this week.

Regionally, the S&P Pan Arab Composite LargeMidCap Index and the S&P AFE40 declined by 0.18% and 0.14%, respectively. Meanwhile, the MSCI Emerging Markets Index rose by a weekly 1.79%.

In the Arab world, the top three losing stock exchanges were those of Muscat, Tunisia and Egypt with weekly declines of 2.38%, 0.93% and 0.78%, respectively.

Dubai’s financial markets was the top gainer this week with a 1.02% increase, followed by the Abu Dhabi and Qatar bourses which gained 0.76% each and the Bahraini stock exchange which rose by a weekly 0.23%.

On the Beirut Stock Exchange (BSE), the real estate sector accounted for 54.32% of total traded value while the banking sector accounted for 44.09% and the industrial sector represented a marginal 1.59%.

In the real estate sector, Solidere A and B shares grew by 3.31% and 5.17% to $8.11 and $7.93, respectively.  

In the banking sector, BLOM Bank’s GDR shares lost 0.08% to $12.30 while the bank’s listed shares added 0.36% to $11.30.

Bank Audi’s GDR and listed shares also posted a mixed performance; Audi’s GDR shares rose by 1.67% to $6.10 while Audi’s listed shares declined by 3.06% to $6.01.

Byblos Bank’s listed shares fell by 0.61% to $1.62.

In the industrial sector, HOLCIM’s shares grew from last week’s $12.50 to $14.01 this week.

As for the BLOM Preferred Shares Index (BPSI), it registered a slight 0.01% uptick to 104.75 points on account of a 0.10% increase in the price of Bank Audi’s Preferred G shares to $100.30.

On the London Stock Exchange (LSE), BLOM Bank’s GDR shares added 1.24% to $12.25 and Bank Audi’s GDR shares rose by 1.64% to $6.18.

This week was marked by the Parliament ratifying the long-awaited salary scale for public sector employees, which will be financed by a series of tax increases.

The higher taxes are highly debated across the country and this might cast a shadow of uncertainty on the BSE’s trading activity in the coming week.

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