Declines in Banking and Real Estate Stocks Pulled the BSI Down this Past Week  

The BLOM Stock Index (BSI) lost a weekly 1.90% this week, to reach 1,101.5 points by June 1 2018. The market capitalization however shrank marginally from last week’s $11.07B to $10.86B this week.

An average of 166,648 shares worth $1.53M were traded on the Beirut Stock Exchange (BSE) this week, compared to 127,551 shares worth $900,670 last week.

Regionally, the MSCI Emerging Markets Index declined by a weekly 1.26%. Meanwhile, the S&P AFE 40 and the S&P Pan Arab Composite Large Mid Cap Index rose by 0.93% and 1.01%, respectively.

The bourses of Saudi Arabia, Dubai and Bahrain were this week’s top gainers adding 1.53%, 0.33%, and 0.21%, respectively. Meanwhile, the market’s top losers were the Egyptian and Qatari markets which dropped by 1.32% and 1.86%, respectively.

On the Beirut Stock Exchange (BSE) this week, the real estate sector grasped the largest share of the total traded value, with 52.08%, while the banking sector and manufacturing sector grasped the remaining 44.37% and 3.56%, respectively.

In the banking sector, BLOM’s GDR shares and BLOM Bank Listed shares lost 3.82% and 2.27% to end the week at $10.82 and $10.75, respectively. Likewise, Bank Audi’s GDR shares and listed shares decreased by a 1.58% and 2.44% to reach $5.60, each.

As for the BLOM Preferred Shares Index (BPSI), it fell by 1.28% over the week to 100.40 points. In details, the drop can be largely attributed to the 3.85% weekly drop in the shares of Bank of Beirut Pref I to $25, as well as, the drop in Byblos Pref 2008 and 2009 shares, which dropped by 2.08% and 2.01% to $94 and $95.

On the London Stock Exchange, BLOM Bank GDRs and Bank Audi GDRs declined by weekly 5.36% and 7.14% to end the week at $10.6 and $5.20, respectively.

In the real estate sector, Solidere A and B shares recorded respective loss of 3.28% and 1.43% to end the week at $8.25, each.

In the manufacturing sector, Holcim Liban shares fell by 3.03% to reach 15.03$.

For the coming week, investors will be closely anticipating the formation of a new cabinet.

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