The past week marked the third consecutive week of gains for the BLOM Stock Index, the price-weighted index tracking Lebanese stocks listed on the Beirut Stock Exchange (BSE). The BSI added a weekly 1.45% to 1,174.47 points while the average traded volume and value fell from last week’s 467,342 and $2.99M to 157,959 and $1.45M this week. The market capitalization increased from last week’s $9.57B to $9.7B this week.
The index outpaced all of its regional peers, the S&P Pan Arab Composite Large-Mid-Cap Index which gained a weekly 0.06% to 106.23 points, the Morgan Stanley Emerging Markets Index (MSCI) which rose by a weekly 0.59% to end the week at 821.71 points and the S&P AFE 40 which lost a weekly 0.45% to 51.01 points.
In the Arab world, the top three performers were Muscat, Egypt and Amman as they registered weekly upturns of 3.88%, 0.74% and 0.27%, respectively. Meanwhile the bottom three performers were Abu Dhabi, Dubai and Saudi Arabia with respective weekly losses of 3.28%, 1.95% and 0.47%.
On the Beirut Stock Exchange, the banking sector accounted for 95% of total traded value while the remaining 5% were accounted for by the real estate sector.
In the banking sector, BLOM Bank’s listed and GDR shares increased by 3.63% and 3.45% to reach $10.00 and $10.50, respectively. Byblos Bank’s listed shares also gained 3.66% over the week to close at $1.70 and BEMO Bank’s listed shares grew by a weekly 12.90% to end the week at $1.75. As for Bank Audi’s GDR shares they lost 2.40% over the week to $6.10.
On another front, the BLOM Preferred Shares Index (BPSI) increased by 0.01% over the week to 106.26 points on account of the weekly increase in the share price of BEMO Preferred 2013 from $99.90 to $100.00.
Real estate shares Solidere A and B added a weekly 1.77% and 3.05% to settle at $9.77 and $9.80, respectively.
On the London Stock Exchange, BLOM GDR shares added a weekly 3.45% to $10.50 while bank Audi’s GDR shares lost 2.40% to $6.10.
Trading activity will resume on Tuesday after the Easter holidays have passed. The positive momentum depicted on the Lebanese could be threatened by the resurfacing of security developments especially after today’s bomb incident in the northeast of Lebanon.