Further Improvements for the Lebanese Bourse

Over the past week, the performance of the Beirut Stock Exchange escalated with the BLOM Stock Index (BSI) increasing 0.68% to 1,163.61 points. This was depicted by a rise in the market capitalization from $9.52B to $9.58B.

Similarly, during this week, the bourse observed heavy trading, where the average traded volume increased from 245,089 shares worth $2.49M to 1,793,580 shares worth $18.24M this week, mainly driven by trades on the BLOM Listed shares.

As such, this improving performance of the BSI led the gauge to rank above other regional peers. In details, the Morgan Stanley (MSCI) emerging index the S&P Pan Arab Composite LargeMidCap Index and the S&P AFE40 registered respective rises of 0.40%, 0.04%, and 0.16%.

The Egyptian Stock index was in the lead for this week, with a gain of 6.18%, mainly due to the anticipation of the approval of the IMF loan.  Moreover, the Saudi and Tunisian indices slightly increased by 0.14% and 1.23%, respectively. However, Dubai stock index fell 3.45%, as the real estate and financial sectors’ shares witnessed significant drops in their prices. Muscat and Kuwait indices followed with respective losses of 2.03% and 1.45%.

The banking sector grasped the largest share of total value traded on the Lebanese Bourse, with a share of 98.78%. Audi GDRs and BLOM common shares rose by 0.98% and 1.00% to $6.21 and $10.10, respectively. While, Byblos common shares dropped 0.61% to $1.63. BLOM shares grasped almost 95% of total value traded, of which several cross trades.

As for the BLOM Preferred Shares Index (BPSI), it grew by 0.20% to 104.81 points. This came through the rise in prices of Audi preferred “G”, Byblos preferred 2008 and Byblos preferred 2009, which registered respective increases of 0.79%, 0.40%, and 0.60% to reach $101.80, $101, and $101.10, respectively. On a side note, BOB issued new preferred shares of class “K”, which will be listed and traded as of 10 October.

The real estate sector, 1.15% of total traded value, where Solidere class “A” and “B” registered respective rises of 2.80% and 3.28% to $9.56 and $9.76, respectively. This escalation in the prices was mainly due to the positive financial results of Solidere during the first half of the year. Solidere recorded profits of $72.1M in H1.

As for the manufacturing sector, 4,452 HOLCIM shares were traded this week worth $64,559 at a stable price of $14.50.

On the London Stock Exchange, Solidere GDRs slightly fell by 0.31% over the week to stand at $9.50, while, Blom GDRs gained 0.98% to $10.30

Solidere’s newly released financials and BLOM shares traded boosted the Lebanese Bourse this week. Moreover, due to the increasing talks of a possibility of electing a new president on the 31^st of October, the BSI is expected to maintain this upward trend.

Banking Sector

Real Estate Sector

Manufacturing Sector

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