The BLOM Stock Index (BSI) lost a weekly 0.6% this week, to reach 1,122.81 points by May 24th 2018. The market capitalization however shrank marginally from last week’s $11.13B to $11.07B this week.
An average of 127,551 shares worth $900,670 were traded on the Beirut Stock Exchange (BSE) this week, compared to 102,316 shares worth $1.1M last week.
Regionally, the MSCI Emerging Markets Index declined by a weekly 1.90%. Meanwhile, the S&P AFE 40 and the S&P Pan Arab Composite Large Mid Cap Index rose by 0.65% and 0.61%, respectively.
The bourses of Qatar, Saudi Arabia, and Abu Dhabi were this week’s top gainers adding 1.1%, 1%, and 3%, respectively. Meanwhile, the market’s top losers were Egypt’s and Bahrain’s Stock Indices which closed the week in the red, dropping by 2.11% and 0.77%, respectively.
On the Beirut Stock Exchange (BSE) this week, the banking sector constituted 67.96% of the total traded value while the real estate sector and the manufacturing sector grasped the remaining shares of 31.61% and 0.43% of the total value.
In the banking sector, Blom’s GDR shares and Blom Bank Listed shares lost 3.02% and 0.9% to end the week at $11.6 and $11.1, respectively. Byblos Bank listed shares also decreased by 2% to $1.47. Likewise, Audi’s GDR shares decreased by a 1.73% to reach $5.69. However, BEMO listed shares and BLOM listed shares recorded weekly gains of 0.64% to $1.57.
As for the BLOM Preferred Shares Index (BPSI), it fell by 0.27% over the week to 101.7 points. The drop can be largely attributed to the 3.85% weekly drops in the shares of Bank of Beirut Pref K to $25. But Byblos Pref 09 shares rose by 0.99% to $96.95.
On the London Stock Exchange, the GDRs of BLOM Bank and Bank Audi declined by weekly 4.27% and 0.88% to end the week at $11.20 and $5.60, respectively.
In the real estate sector, Solidere A shares recorded a gain of 0.95% to end the week at $8.53.
In the manufacturing sector, Holcim Liban shares increased by 1.11% to reach 15.5$.
Investors have been hesitant to invest in the Lebanese stock market despite positive political developments; however, the regional instabilities and current political discussions related to a new cabinet have weighed down on the index. As a result, the BSI’s performance in the next few weeks will be highly dependent on the formation of a new cabinet, with hopes of assigning new people to head the ministries.