The BLOM Stock Index registered a small weekly gain of 0.30% to reach 1,177.99 points on account of the positive performance of BLOM and Solidere shares. The average traded volume and value on the Lebanese bourse respectively reached 79,224 and $602,145 in the past week compared to previous levels of 157,959 and $1.45M. The market capitalization on the Beirut Stock Exchange (BSE) rose marginally from last week’s $9.695B to $9.724B this week.
The Lebanese index managed to outperform the S&P Pan Arab Composite Large-Mid-Cap Index and the S&P AFE 40 which recorded weekly losses of 1.75% and 2.04%, respectively. However, the BSI was beat by the Morgan Stanley Emerging Markets Index (MSCI) which rose by a weekly 1.84% to 836.8 points.
In the Arab world, the top gaining market was Abu Dhabi with a weekly gain of 1.35%, followed by Amman with a weekly upturn of 0.94% and Qatar with an increase of 0.88% over the past week.
Bahrain’s stock exchange was however the Arab bourse with the biggest weekly decline of 2.40% and was closely followed by a 2.23% drop on the Saudi Arabian Tadawul where the listed insurance company Metlife AIG recorded the biggest weekly drop to date of 26.84%. The Muscat stock exchange was the third poorest performer with a weekly loss of 1.20%.
On the Beirut Stock Exchange, the banking sector accounted for 52.5% of total traded value, the real estate sector for 47% and the industrial sector for the remaining 0.41%.
In the banking sector, BLOM Bank’s GDR and listed shares recorded weekly gains of 3.81% and 3.00% to close at $10.90 and $10.30, respectively.
In contrast, Bank Audi’s GDR and listed shares lost a weekly 0.82% and 4.00% to reach $6.05 and $6.00, respectively.
Real estate shares Solidere A managed to cross the $10 mark by gaining a weekly 2.76% to $10.04 while Solidere B shares gained a weekly 1.73% to $9.97.
In the industrial sector, HOLCIM shares added 0.07% to $14.36, while Ciments Blancs Bearer shares decreased from last week’s $3.70 to this week’s $3.00.
On the London Stock Exchange, BLOM’s GDR shares rose by 3.81% over the week to settle at $10.90, while Bank Audi’s GDRs fell by a weekly 0.66% to $6.06. Solidere’s GDR shares surged by a weekly 10.82% to reach $10.75.
The robust performance of banking shares is likely to continue boosting the BSE in the coming period especially as the top banks, BLOM and Audi are expected to distribute 2015’s dividends to their shareholders.