Beirut Stock Exchange (BSE) Ends the Week in the Red

The BLOM Stock Index (BSI) fell by 0.51% this past week to reach 1,148.44 points. On average, 251,872 shares worth $2.13M traded during the week compared to 178,131 shares worth $1.51M traded last week. The market capitalization also dropped from last week’s $9.53B to $9.48B this week.

Regionally, the S&P Pan Arab Composite Large Mid Cap Index and the S&P AFE40 Index both slid by 0.63% and 0.83% over the past week, respectively, while the MSCI Emerging Markets Index rose by a weekly 0.75%.

In the Arab world, the bourses of Bahrain and Egypt rose by 0.32% and 0.62%, respectively, while the Kuwaiti bourse, the Dubai bourse and the Saudi bourse all registered weekly losses of 0.94%, 0.68% and 0.64%, respectively.

On the BSE, the real estate sector accounted for 64% of total traded value while the banking sector accounted for the remaining 36%.

In the real estate sector, Solidere A slid by 0.12% to $8.00 while Solidere B shares added 3.22% to $8.02.

In the banking sector, BLOM Bank’s GDR and listed shares fell by 1.57% and 1.72% to end the week at $12.50 and $11.40, respectively. Moreover, Bank Audi’s listed shares slid by 1.68% to end the week at $5.85. As for Byblos Bank’s listed shares, they rose by 0.63% to close at $1.61.

The BLOM Preferred Shares Index (BPSI) added 0.08% over the past week to reach 105.25 points on account of a 0.40% increase in Bank of Beirut’s Preferred K shares to $25.35.

On the London Stock Exchange (LSE), BLOM Bank’s GDR shares lost 1.98% to $12.35 while Bank Audi’s GDR shares rose by 1.01% to $5.99.

The BSE might witness a rebound in the coming week since the constitutional council cancelled the controversial tax hike law.

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