Developments on the Arsal Deal Shed Uncertainty on the BSE: Blom Stock Index Slipped by 0.17%

The BLOM Stock Index (BSI) lost 0.17% over the past week to 1,152.60 points. The average weekly traded volume fell from 368,203 to 199,756 and the average traded value also decreased from $3.54M to $1.79M.

The market capitalization slid from $9.59B last week to $9.57B this week.

Regionally, the S&P Pan Arab Composite LargeMidCap Index, the MSCI Emerging Markets Index, and the S&P AFE40 all registered weekly declines of 0.93%, 0.46% and 0.92%, respectively.

In the Arab world, the top two gainers were the stock markets of the UAE and Tunisia, recording weekly upticks of 1.91% and 0.33%, respectively.

In contrast, the stock exchanges of Lebanon, Qatar, and Egypt lost 1.54%, 1.44%, and 1.73%, respectively, over the week among the Arab markets.

On the Beirut Stock Exchange (BSE), the real estate sector accounted for 75.73% of total traded value, while the banking sector accounted for the remaining 24.27%.

In the real estate sector, Solidere A and B shares rose by 1.14% and 3.23% to end the week at $7.99 and $7.98, respectively. 

In the banking sector, BLOM Bank’s GDR shares gained 1.54% to settle at $12.49. Meanwhile, Bank Audi’s and Byblos Listed shares lost 0.98% and 0.61%, to stand at $6.04 and $1.63, respectively.

As for the BLOM Preferred Shares Index (BPSI), it registered a 0.23% uptick to 105.02 points on the back of upticks of 0.89% and 0.79% in the prices of Bank Byblos Preferred 2008 and 2009 shares, respectively to stand at a similar price of $102.

In the industrial sector, HOLCIM’s shares declined from last week’s $13.00 to $11.70 this week. Similarly, Ciments Blancs bearer shares slipped by 2.23% to $3.50.

On the London Stock Exchange (LSE), BLOM Bank’s GDR shares added 1.63% to $12.350 while Bank Audi’s GDR shares slid by 1.47% to $6.03.

Despite the positive results published for most of the commercial banks in H1 2017, the mixed performance of the BSI ended the week with an incremental decline, which can be attributed to the uncertainty regarding the latest developments on the Arsal deal in North-eastern Lebanon.

 

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