Blom Stock Index Down 0.51% from Three Weeks Ago

Over the period 25/08/2017 to 15/09/2017, The BLOM Stock Index (BSI) shed 0.51% to reach 1,154.37 points. On average, 178,131 shares worth $1.51M were traded during the above-mentioned period compared to 417,593 shares worth $3.42M traded during the week ending on 25/08/2017. The market capitalization fell from $9.58B on 25/08/2017 to $9.53B on 15/09/2017.

Regionally, the S&P Pan Arab Composite Large Mid Cap Index, the MSCI Emerging Markets Index and the S&P AFE40 Index all rose during the above mentioned period with respective upticks of 1.34%, 1.61% and 0.87%, respectively.

In the Arab world, the bourses of Egypt, Kuwait and Saudi Arabia, were the top gainers with respective upturns of 5.29%, 2.74% and 1.76%. Meanwhile, Qatar’s stock index declined by 6.06% over the period.

On the BSE, the banking sector accounted for 53% of total traded value, the real estate sector for 44% and the industrial sector for 3%.

In the banking sector, BLOM Bank’s GDR and listed shares rose by 1.20% and 1.75% to close at $12.70 and $11.60, respectively. Meanwhile, Bank Audi’s GDR shares fell by 1.48% to $6.00, Byblos Bank’s listed shares slid by 0.62% to $1.60 and Bank BEMO’s listed shares dropped by 5.49% to $1.55.

As for the BLOM Preferred Shares Index (BPSI), it rose by 0.08% to 105.17 points due to the 0.70% rise in Bank Audi’s Preferred H shares to $101.20 along with the respective 0.40% and 0.20% increases in Bank of Beirut’s Preferred I and H shares which settled at the same price of $25.35. However, Bank BEMO’s Preferred 2013 shares slid by 0.50% to $99.50.

In the real estate sector, Solidere A and B shares fell below the $9.00 mark. Solidere A shares lost 4.76% to $8.01 and Solidere B shares lost 6.16% to $7.77.

In the industrial sector, Holcim’s shares gained 2.04% to close at $12.51.

On the London Stock Exchange (LSE), BLOM Bank’s GDR shares gained 0.80% to $12.60 while Bank Audi’s GDR shares fell by 1.17% to $5.93.

Activity on the BSE was rather subdued over the past three weeks, with five days of no trading due to official holidays. For the coming period, it remains to be seen how investors will price in recent developments on the Lebanese scene, especially the suspension of the controversial new tax measures.

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