The Lebanese Bourse Posted a Weekly Gain despite Political Uprisings

The Lebanese bourse recuperated last week’s loss, in spite of the political developments over the week. Accordingly, the BLOM Stock Index (BSI) gained 1.35%, increasing from its 2-year low, at 1,134.83, to 1,150.12. Nevertheless, the volume of traded shares decreased over the week, as the average traded volume and value went down from 60,078 shares worth $837,015 to 44,794 shares worth $517,660. As for the market capitalization, it widened by $128.68M to $9.68B.

Globally, the BSI was only outperformed by the Morgan Stanley Emerging Markets Index (MSCI) which added 2.90%. In contrast, the S&P Pan Arab Composite Large-Mid-Cap Index and the S&P AFE 40 Index recorded respective weekly losses of 2.16% and 1.86%.

Besides Lebanon, Egypt’s stock market and Dubai’s financial market were the only gainers in the region, increasing by 3.24% and 0.11% respectively. Egypt’s stock exchange rise came ahead of its central bank’s monthly meeting that will determine its interest rate policy.

On the other hand, the bourses of Qatar, Saudi Arabia, and Abu Dhabi were the worst performers, dropping by 3.66%, 2.92% and 1.29%, respectively, over the week. Most gulf equity markets fell as volatile oil gave up early gains and slid on weak Japanese data. Concerns about a major Saudi Arabian construction firm also weighed on the Saudi stock exchange.

Back to the Beirut Stock Exchange, the banking sector captured 60.80% of the total traded value during the week while the real estate sector grasped the remaining 39.20%.

In the banking sector, the listed shares of BLOM and that of Audi gained 0.32% and 3.24% to end the week at $9.43 and $5.74, respectively. Byblos listed shares were the only shares to close in the red, dropping 0.61% to $1.62.                

Similarly, the BLOM Preferred Shares Index (BPSI) gained a weekly 0.01% to settle at 104.97. This was on the back of Bank Audi preferred shares class “H” which increased by 0.10% to settle at $100.70. 

In the real-estate sector, Solidere shares recovered in the face of protestors and sit-ins on Wednesday that halted the business activity in Solidere. Its “A” and “B” shares inched up by 3.93% and 5.87% to $10.57 and $10.83, respectively. 

The Lebanese Bourse is expected to continue its sideway path, affected by the country’s economic and political developments.

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