Financial Stocks Grasped 75% of Total Traded Value this Week

 The BLOM Stock Index (BSI) gained 0.44% over the week to reach 1,171.33 points. Accordingly, the market capitalization rose from $11.49B last week to $11.54B, this week.

In fact, an average of 91,980 shares worth $941,748 was traded during this week compared to 216,705 shares worth $1.39 million last week.

The S&P Pan Arab Composite Large Mid Cap Index, the MSCI Emerging Markets Index and the S&P AFE 40 all registered weekly increases of 2.53%, 1.76% and 2.32%, respectively.

Regionally, the biggest gainers of the week were Qatar, Egypt and Saudi Arabia with respective weekly gains of 6.49%, 3.20% and 2.41%. The surge in Qatar’s index can be attributed to 2 top companies, of which Qatar National Bank (QNB), deciding to raise the ceilings for foreign ownership.

Meanwhile, the Bahraini and Kuwaiti Financial Markets lost 1.08% and 0.36%, respectively over the past week.

On the Beirut Stock Exchange (BSE), the banking sector grasped 75.57% of the week’s total traded value, while the real estate sector held a stake of 24.41% and the remaining share was accounted for by the industrial sector.

In the banking sector, BLOM Bank’s GDR and listed shares increased by a weekly 0.08% and 1.27% to end the week at $12.40 and $12, respectively. Moreover, Bank Audi’s listed shares rose by a weekly 1.83% to $6.11.

Meanwhile, Byblos Bank’s listed shares fell by 0.62% to $1.60, this week.

As for the BLOM Preferred Shares Index (BPSI), it rose by a weekly 0.03% to 106.54 points on account of a 0.10% and 0.58% rise in the prices of Bank Audi Preferred I and BEMO Preferred 2013 to $100.10 and $104.60, respectively.

In the real estate sector, Solidere A and B shares fell by 1.58% and 1.60% to end the week at $8.08 and $7.99, respectively.

In the industrial sector, HOLCIM’s listed shares gained 1.30% to $14.75.

On the London Stock Exchange, BLOM Bank’s GDR shares and Bank Audi’s GDR shares slid by a weekly 2.44% and 0.83% to $12 and $6, respectively.

Pressured to meet the goal of passing the budget decree before the Paris IV meeting, President Aoun signed the 2018 budget decree after the Cabinet’s agreement. As such, the Lebanese bourse’s performance is expected to improve during the upcoming weeks, ahead of the awaited CEDRE international donor conference.



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