After the positive momentum of the Lebanese bourse for the past three weeks, the Beirut Stock Exchange ended this week in the red. The BLOM Stock Index (BSI) lost a weekly 0.84% to 1,157.07 points, registering a year-to-date loss of 1.06%. Hence, market capitalization fell by $80.72M to $9.55B while the average daily traded volume increased from 168,573 shares valued at $931,490 to 194,068 shares worth $1.21M.
The BSI fell at a slower pace than the Morgan Stanley Emerging Markets Index (MSCI) which registered a 1.46% weekly loss, while the S&P Pan Arab Composite Large-Mid-Cap Index & the S&P AFE 40 Index posted respective 0.64% and 0.37% weekly gains.
In the Arab world, a mixed performance was witnessed as some stock markets reflected optimism regarding a possible global agreement between oil producers. In fact, the bourses of Egypt, Saudi Arabia and Dubai respectively recorded weekly rises of 2.27%, 1.56% and 1.01%. However, Tunisia stock market recorded a 1.52% weekly decrease, while Qatar’s and Muscat’s stock exchange dropped by respective 1.20% and 0.57% from last week’s level.
On the Beirut Stock Exchange, the real estate sector accounted for 62.05% of the week’s traded value, while the banking estate and industrial sectors respectively contributed to 29.00% and 8.95% of the total.
The real estate sector saw negative performance this week as both Solidere shares class “A” and “B” lost 3.81% and 1.19% to $9.85 and $10.00, respectively.
In the banking sector, Audi’s listed shares and Global Depository Receipts (GDR) dropped this week by 0.97% and 1.95% to $6.15 and $6.03, respectively. Also, the GDRs of BLOM slipped by weekly 0.50% to $9.94.
On another front, the BLOM Preferred Shares Index (BPSI) ticked up from last week’s level of 106.01 points to 106.08 points. In details, Byblos preferred shares 08 and 09 went up by 0.10% and 0.40% to $101.10 and $101.40, respectively, while Bemo Preferred 2013 slipped by 0.10% to $99.90.
In the industrial sector, HOLCIM shares decrease by 0.35% to end the week at $14.31.
In the coming weeks, the Beirut Stock Exchange is expected to reflect the development of the diplomatic crisis with Saudi Arabia.