For the second consecutive week, the Beirut Stock Exchange ended in the red. The BLOM Stock Index (BSI) lost a weekly 0.69% to 1,149.13 points, registering a year-to-date loss of 1.74%. Hence, market capitalization fell by $72.39M to $9.49B while the average daily traded volume increased from 194,068 shares valued at $1.21M to 4,138,945 shares worth $39.35M.
While the BSI fell this week, the emerging markets indices witnessed a positive performance. The Morgan Stanley Emerging Markets Index (MSCI), the S&P Pan Arab Composite Large-Mid-Cap Index & the S&P AFE 40 Index posted respective 6.10%, 3.10% and 2.33% weekly gains.
In the Arab world, a positive performance was witnessed as the oil prices increased over this week. In fact, the bourses of Dubai, Saudi Arabia and Abu Dhabi were the top performers, registering 4.04%, 4.02% and 3.98% weekly growth, respectively. In addition to the Beirut stock exchange, the Bahrain Bourse dropped by 0.68% over this week.
On the Beirut Stock Exchange, the banking sector accounted for 99.07% of the week’s traded value as the trade of 20.07M listed BLOM shares worth $192.61M constituted the major part of this week’s traded value. Meanwhile, the real estate and industrial sectors contributed to 0.22% and 0.01% of the total, respectively.
In the banking sector, Audi’s listed shares and Global Depository Receipts (GDR) dropped this week by respective 2.44% and 0.50% to converge at the same price of $6.00. Also, BLOM GDRs and listed shares increased by weekly 1.11% and 0.52% to $10.05 and $9.65, respectively. Meanwhile, Bank of Beirut listed shares gained a weekly 0.21% to $18.79.
On another front, the BLOM Preferred Shares Index (BPSI) ticked up from last week’s level of 106.08 points to 106.15 points. In details, Audi preferred F shares went up by 0.69% to $102.70.
The real estate sector saw negative performance this week as both Solidere shares class “A” and “B” lost 1.62% and 3.30% to $9.69 and $9.67, respectively.
In the industrial sector, HOLCIM shares went up by 0.63% to end the week at $14.40.
In the coming weeks, the Beirut Stock Exchange is expected to reflect the developments of the diplomatic crisis with Saudi Arabia, as well as the progress regarding the presidential election issue.