The BLOM Stock Index (BSI) lost a weekly 0.73% this week, to reach 1,078.53 points by June 14, 2018. The market capitalization however marginally rose from last week’s $10.71B to $10.73B this week.
An average of 211,447 shares worth $2M was traded on the Beirut Stock Exchange (BSE) this week, compared to 373,866 shares worth $2.18M last week.
The MSCI Emerging Markets Index grew by a weekly 0.03%, while the S&P AFE 40 and the S&P Pan Arab Composite Large Mid Cap Index lost 0.69% and 0.65%, respectively.
The bourse of Bahrain was the top gainer, adding 2.54% over the week. Moreover, the financial markets of Tunisia and Egypt also made it on this week’s top gainers’ list, as they climbed by 0.93% and 1.60%, respectively. Meanwhile, the market’s top loser was Qatar’s stock market which shed 2.50% over the week followed by KSA’s stock exchange which lost 0.89%.
On the Beirut Stock Exchange (BSE) this week, the real estate sector grasped the largest share of the total traded value, with 54.47%, while the banking sector and industrial sector grasped the remaining 44.68% and 0.85%, respectively.
In the banking sector, Bank Audi’s GDR shares and Blom Bank GDR shares lost 5.91% and 1.31% to end the week at $5.25 and $10.56, respectively. However, Bank Audi’s shares and Byblos Bank’s shares increased by a 0.74% and 0.68% respectively to reach $5.46 and $1.48 respectively.
As for the BLOM Preferred Shares Index (BPSI), it fell by 3.40% over the week to 96.63 points. In details, the drop is attributed to the 5.28% weekly drop in the shares of Bank Audi Pref G to $95, the 5% weekly drop in the shares of Bank Audi Pref H reaching $95, and the weekly drop in the shares of Bank Audi Pref J by 4.1% to reach $95.9. Morever, Byblos Preferred 08 and Preferred 09 shares declined by 3.19% and 2.08% respectively to reach $91 and $94 respectively. The decline outpaced the 0.38% rise of Bemo preferred 2013 shares.
On the London Stock Exchange, Bank Audi GDR shares and Blom Bank GDR shares decreased by a weekly 4.67% and 1.89% respectively to reach $5.1 and $10.4 respectively by the 14th of June 2018.
In the real estate sector, Solidere A shares decreased by a weekly 1.23% to reach $8.02 while Solidere B shares rose by a weekly 0.86% to end the week at $8.17.
In the manufacturing sector, Holcim Liban shares lost 3.65% over the week to $15.03 while Ciments Blancs’ nominal shares ticked up by 0.36% to $2.81.
The past trading week on the Beirut Stock Exchange (BSE) witnessed declines across the board.
For the week ahead, investors will be keeping a close eye on political developments, especially the long-awaited government formation.