The Beirut Stock Exchange revealed a slight decline in performance during the week, despite all traded banking stocks ending in the green. The BLOM Stock Index (BSI) fell by 0.07% to end the week at 1,155.24 points. The average traded volume improved from 143,963 shares to 410,387 shares while the average traded value increased from $1.16M to $2.60M this week. As for the market capitalization, it remained relatively stable at $9.60B this week.
The BSI was outperformed by its regional peers, as the S&P Pan Arab Composite Large-Mid-Cap Index, the Morgan Stanley Emerging Markets Index (MSCI), and the S&P AFE 40 Index gained 1.18%, 1.21% and 1.61%, respectively.
Performances on most Arab bourses, illustrated some recovery from last week’s losses. This might have been caused by the US Federal Reserve finally confirming its 25 basis point-hike in interest rates. The biggest winning Arab stock market was Dubai with a weekly increase of 4.36% followed by a 1.52% and 1.39% ascent for the Abu Dhabi bourse and Saudi bourse, respectively.
The main loser was Muscat and Bahraini stock exchanges, declining by a weekly 1.74% and 1.37%, respectively.
Back to the Beirut Stock Exchange, the banking sector captured 96.62% of the total traded value during the week, noting that , the real estate sector grasped 3.38% while the industrial sector took-up a marginal 0.04%.
In the banking sector, GDRs of BLOM and Audi shares gained a weekly 0.10% and 0.17% to end the week at $9.73 and $6.06, respectively. In addition, the listed shares of BLOM and Audi increased by a weekly 0.11% and 1.00% to $9.41 and $6.06, respectively.
As for the performance of preferred shares, the BLOM Preferred Shares Index (BPSI) remained at last week’s level of 105.76 points.
In the real estate sector, Solidere shares class “A”declined by a weekly 2.39% to end the week at $10.21, while its class “B” shares went up by 0.97% to $10.44
In the industrial sector, Cements Blancs Bearer shares increased by 30% to $3.90.
The performance of the Beirut Stock Exchange, over the coming weeks, might depend on the upcoming festive season in addition to investors rebalancing their books.