The BLOM Stock Index Down for another Week

The BLOM Stock Index (BSI) declined by 0.30% over the past week to 1,155.86 points. The average traded volume and value of shares however increased from last week’s 1,747,590 shares worth $11.3M to 1,930,384 shares worth $19.48M.

However, the market capitalization slipped from $9.99B last week to $9.96B this week. 

Regionally, the MSCI Emerging Markets Index was the only positive performer this past week with a 2.65% increase while the S&P Pan Arab Composite LargeMidCap Index and the S&P AFE40 lost 0.39% and 0.05% over the week.

Regionally, the bourses of Egypt and the Bahrain ended the week with increases of 1.10% and 0.42%, respectively. However, the Dubai bourse slipped by 1.51%, the Abu Dhabi bourse lost 1.41% and the Saudi Arabian exchange lost 0.96%.

Egypt was the top performer this past week as banking shares are positively anticipating an interest rate hike of 2% set to go into effect on Sunday; The IMF recommended measure is aimed at easing inflation which has spiked to above 30%.

Egypt also issued $3B worth of Eurobonds on Wednesday with strong foreign appetite.  The country’s finance minister quoted by Reuters confirmed that 80% of the raised finance came from investors in North America and Europe.

On the Beirut Stock Exchange (BSE), the banking sector accounted for almost the majority of the traded value with a share of 99% with two large trades worth $70M and $3M executed on BLOM Bank’s listed shares.

BLOM Bank’s GDR and listed shares added 0.85% and 0.93% over the week to reach $11.80 and $10.80, respectively.

However, Bank Audi’s GDR and listed shares declined by 4.09% and 1.48% to settle at $6.10 and $6.01, respectively. Byblos Bank’s listed shares also fell by a weekly 3.01% to reach $1.61.

As for the BLOM Preferred Shares Index (BPSI), it rose by 0.22% to 104.95 points. Bank Audi’s preferred G and H shares registered 0.30% and 0.10% upticks to end the week at the same price of $100.50.

Bank Byblos’ Preferred 2008 and 2009 shares also grew by 0.69% and 1.09% to reach $101.50 and $102.00, respectively.

In the real estate sector, Solidere’s A and B shares added 1.94% and 2.24% to $8.95 and $8.69, respectively.

On the London Stock Exchange (LSE), BLOM Bank GDRs gained 0.85% to close at $11.80, while Bank Audi’s GDR shares lost 4.09% to $6.10. Solidere’s GDR shares also decreased by 2.00% to $8.82.

Politicians have yet to come to an agreement on an electoral law. The failure of consensus will most likely keep the BSE’s activity subdued in the coming period.




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