Despite uncertainty on the global equity scene and the continued protests on the local front, the Lebanese Bourse managed to recover from some of last week’s, on the back of positive showings in the industrial and banking sector. In details, the BLOM Stock Index (BSI) increased by a weekly 0.36% to reach 1,151.44, narrowing its year-to-date losses to 1.61%. However, the volume of traded shares decreased over the week as the average traded volume and value went down from 132,754 shares worth $1.59M to 105,222 shares worth $1.18M. In addition, the market capitalization increased from $9.66B to $9.70B.
The BSI managed to outperform the S&P Pan Arab Composite Large-Mid-Cap Index, S&P AFE 40 Index and the Morgan Stanley Emerging Markets Index (MSCI) which recorded respective weekly losses of 1.64%, 1.47% and 1.48%, respectively.
On the regional front, most bourses experienced a bearish week partially due to the continuous oil price volatility as well as the tumbling Chinese equities. For the second week running, Saudi Arabia’s stock market was the worst performer, dropping by a weekly 2.90%. Tunisia and Dubai’s stock markets followed with respective downturns of 2.57% and 2.14%, over the same period.
Three Arab Bourses saw gains over the week, the largest being the Egyptian Bourse, increasing by 6.15%. Strong economic data was illustrated by the Purchasing Managers Index (PMI) increasing from a figure of 49.20 which signals a contraction in the non-oil private sector to 51.20 which shows in an improvement in business conditions. In addition, the discovery of one of the largest ever natural gas field stood behind the Bourse’s healthy performance during the week. The Qataris and Lebanese stock markets slightly ticked up by weekly 0.46% and 0.36%, respectively.
Back to the Beirut Stock Exchange, the banking sector captured 56.26 % of the total traded value during the week while the industrial sector grasped 35.13% and the real estate sector took the remaining 8.61%.
Audi listed and GDR shares gained, over the week, 0.17% and 0.50% to settle at respective quotes of $5.99 and $6.00 .Byblos listed shares also increased by 1.86% to end up at $1.64, over the same period.
The BLOM Preferred Shares Index lost a marginal 0.01% this week to settle at 104.91 points. In details, Byblos preferred shares 2009 and BLC preferred shares class “A” lost 0.10% and 0.59% weekly to $100.60 and $100.50, respectively.
In the industrial sector, Holcim shares improved by 3.31% to settle at $14.99. Notably, Holcim released its unaudited financials and witnessed a yearly decrease in profits from $9.38M to $2.04M in H1 2015.
In the real-estate sector, Solidere shares classes “A” shares declined by 0.39% weekly to $10.20 while its class “B” shares gained 0.97% to $10.39, over the same period.
Developments on the domestic political front will continue to dictate the Bourse’s performance over the next week.