BLOM Stock Index Records Lowest Reading in More than a Decade

 The BLOM Stock Index (BSI) declined by a weekly 1.04% to reach 1,012.37 points by the week ending August 17^th. The market capitalization declined from last week’s $9.94B to $9.84B this week.

On average, 82,464 shares worth $748,380 were traded on the BSE this past week compared to 72,982 shares worth $642,390 last week.

Regionally, as a result of a stronger dollar and the Emerging Markets’ securities sell off, the S&P AFE 40, the S&P Pan Arab Composite Large Mid Cap Index, and the MSCI Emerging Markets Index declined by a weekly 2.82%, 3.12%, and 5.29%, respectively.

In the Arab world, the Turkish crisis, accompanied by the extreme depreciation of the Turkish Lira, weighed down on Gulf banks. As such, all gulf stock markets plunged during this week’s performance. The bourses of Qatar, Dubai, and Saudi Arabia dropped by 5.16%, 4.93%, and 4.18%, respectively.

On the Beirut Stock Exchange (BSE), the banking sector grasped 66.35% of the total trading value, while the real estate and industrial sectors grasped 30.80% and 2.85%, respectively.

In the banking sector, Audi Listed shares fell by a weekly 0.20% to end the week at $5.10. Moreover, BLOM GDR shares and BLOM listed shares dropped by 2.72% and 1.01% to end the week at $9.64 and $9.85, respectively.

On the London Stock Exchange, the GDR shares of BLOM Bank and Bank Audi slipped by weekly 1.01% and 1.89% to $9.8 and $5.20, respectively.

As for the Blom Preferred shares Index (BPSI), it recorded a loss of 1.06%, thereby ending the week at 92.18 points. In details, the downtick is attributed to the:

• 90% weekly decline in the BEMO Preferred 2013 share prices to $98.80
• 87% weekly decrease in the shares of Bank Byblos Preferred 2008 to $80.15

In the real estate sector, Solidere A and B shares lost 4.99% and 3.64% to stand at $6.67 and $6.62, respectively.

In the industrial sector, HOLCIM’s listed shares increased by 2.93% to end the week at $16.52.

Due to the three-day Eid al-Adha holiday in the upcoming week, activity and trade on the Lebanese stock market is expected to be feeble. However, the Lebanese bourse is in dire need of positive political and economic shocks in the near future to revert back to its normal levels.