The BLOM Stock Index (BSI) ended the week in the green for the second week running. The gauge added a weekly 0.44% to close at 1,157.74 points. An average of 467,342 shares worth $2.99M were traded over the week compared to a previous average volume of 109,815 shares worth $698,106.
The index outpaced the S&P Pan Arab Composite Large-Mid-Cap Index, which gained 0.06% only to reach 106.2 points by the end of the week and the S&P AFE 40 which added a weekly 0.23% to 51.24 points.
However, the Lebanese index was outperformed by the Morgan Stanley Emerging Markets Index (MSCI) which rose by a weekly 3.31% to end the week at 816.9 points.
In the Arab world, all bourses recorded a positive performance at the exception of Abu Dhabi, Kuwait and Amman which declined by respective weekly percentages of 0.47%, 0.43% and 0.08%.
The Egyptian bourse surged by 14.05% and with that became the top performing Arab bourse of the week. The EGX 30 reacted positively to the central bank’s move of devaluating the pound and adopting a more flexible exchange rate system. These measures aim to ease the dollar crunch that has been hindering the activity of companies operating in Egypt and that has been deterring foreign investments in the country.
Dubai’s financial market was the second top performer of the week with a weekly increase of 0.88% followed by a 0.71% uptick posted by Bahrain’s stock exchange.
On the Beirut Stock Exchange, the banking sector accounted for a staggering 99% of total traded value while the remaining 1% were accounted for the real estate sector.
In the banking sector, bank Audi’s Global Depository Receipts (GDR) and listed shares rose by 4.17% and 2.46% to converge to the same price of $6.25. However, Byblos Bank’s listed shares slid by a weekly 1.80% to $1.64.
On another front, the BLOM Preferred Shares Index (BPSI) increased by 0.09% over the week to 106.25 points. In fact, Bank Audi’s preferred G shares and Byblos Bank’s preferred 08 shares added 0.30% and 0.49% to settle at $101.20 and $101.60, respectively.
The real estate sector had a poor week with Solidere A and B shares losing 0.72% and 1.76% to close at $9.60 and $9.51, respectively.
In the coming weeks, investors will maintain their wait and see approach unless any new development takes place on the political front. However, activity is expected to remain calm ahead of Easter holidays.