The Beirut Stock Exchange Saw Negative Performance for the Third Consecutive Week

The Beirut Stock Exchange experienced a subdued weekly performance for the third week running, as the BLOM Stock Index stood at 1,154.42 points, narrowing by 0.53% during the week. As for the market capitalization, it decreased from $9.58B to $9.53B.

Trade this week occurred at a higher average daily volume of 349,126 shares worth $4.69M, compared to an average volume of 87,167 shares worth $840,609, last week.

Looking at the regional indices, the S&P Pan Arab Composite Large-Mid-Cap Index and the S&P AFE 40 improved weekly by 1.41% and 1.24%, respectively, while the Morgan Stanley Emerging Markets Index (MSCI) lost 1.23% during the week.

In the regional market, Saudi Arabia, Muscat and Kuwait were the only bourses to end the week in the green. Saudi Arabia’s stock index added 3.49%, after Deputy Crown Prince Mohammed Bin Salman announced an economic vision for the kingdom, with reforms to be implemented in the coming 15 years. Muscat’s Bourse and Kuwait’s stock market followed with weekly increases of 2.16% and 0.84%, respectively.

Disappointing quarterly earnings were the main factors weighing down on the stock markets. Amman’s bourse, Dubai’s financial market and Abu Dhabi’s stock exchange lost 2.86%, 2.56% and 2.01%, respectively, over the week.

On the Beirut Stock Exchange, the banking sector took 95.72% of total traded value, while the real estate sector contributed for the remaining 4.28%.

The banking sector shares experienced a poor performance during the week. The GDRs of each BLOM and Audi lost 1.46% and 0.17%, to end the week at $10.15 and $5.82, respectively. Similarly, Byblos shares shed 4.07% to $1.65, as Thursday 28th of April happened to be the ex-dividend date.

As for the BLOM Preferred Shares Index (BPSI), it decreased by 0.98% over the week, to settle at 105.26 points. Audi preferred shares classes “F” and “G” lost 0.10% each to stand at the same price of $100. Byblos preferred shares 2008 and 2009 decreased 2.91% each to end the week at $100 and $100.10, respectively. BLOM preferred shares 2011 declined by 1.18% to $10.03.

 In the real estate sector, Solidere shares class “A” were the only shares on the BSE to end the week in the green, adding 1.80% to $10.19. In contrast, Solidere shares class “B” dropped 0.40% to $10.

On the London stock Exchange (LSE), BLOM GDRs lost 1.92% to $10.20, while Audi GDRs gained 0.52% to $5.83.

The performance of the Beirut Stock Exchange during the coming week might improve after most listed banks posted a growth in their profits for the first quarter of 2016.

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