Optimistic Statement Partly Lifts the Lebanese Stock Market this Week

The BLOM Stock Index (BSI) rose by 0.65% to reach 1,042.89 points by the week ending July 27th. The market capitalization rose marginally from last week’s $10.09B to $10.14B this week.

On average, 53,857 shares worth $627,375 were traded on the BSE this past week compared to 118,210 shares worth $1.26M last week.

The regional indices, MSCI Emerging Markets Index, the S&P AFE 40, and the S&P Pan Arab Composite Large Mid Cap Index were all in the green, recording upticks of 2.69%, 0.94% and 0.17%, respectively, by July 27th.

On a regional level, the top performers over the week were the bourses of Tunisia, Morocco and Bahrain which increased by 1.03%, 0.44%, and 0.37%, respectively. However, the stock exchanges of KSA and Qatar lost weekly 0.38% and 0.06%, respectively.

On the Beirut Stock Exchange (BSE), the banking sector grasped 64.83% of the total trading value, while the real estate and industrial sectors grasped the other 32.76% and 2.41%, respectively.

In the banking sector, Byblos listed shares increased by 4.96% to end the week at $1.48. Meanwhile, Blom GDR and Blom listed share prices dropped by 1.90% and 0.49%, to end the week at $10.30 and $10.16, respectively.

On the London Stock Exchange, BLOM Bank’s GDR and Bank Audi’s GDR shares decreased by 1.92%  and 1.89% to $10.20 and $5.20 respectively.

As for the Blom Preferred shares Index (BPSI), it recorded a decline of 0.19% to end the week at 93.37 points. In details, the downtick is attributed to the:

  • 30% weekly decline in the shares of Bank Byblos Preferred 08 to $85.00
  • 61% decline in the shares of Bank Byblos Preferred 09 to $89.45

The weekly losses however outweighed the 0.96% uptick in Bank Audi’s Preferred I shares to $95.

In the real estate sector, Solidere A and B shares recorded weekly upticks of 2.77% and 3.44% to reach $7.43 and $7.52, respectively. It is worthy to note that Solidere’s improved performance this week may be linked to the election of a new board of directors on July 24th. On the day, the news triggered daily upticks of 5.39% and 8.48% in the prices of Solidere A and Solidere B shares, which closed at highs of $7.80 and $7.81, respectively. Moreover, the largest number of traded Solidere A and B shares was also recorded on the day, amounting to 40,517 and 15,822 shares, respectively.

Meanwhile, in the industrial sector, HOLCIM’s listed shares increased by 6.20% to end the week at $15.93.

The Beirut Stock Exchange (BSE) recorded a shy uptick in its performance this week. This may be linked to the optimistic statement of Prime Minister Saad Al-Hariri, which came on the back of the ongoing presidential meetings to speed up government formation. The performance of the BSE in the coming weeks will largely depend on the outcome of these political talks and potential resolutions.  


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