The BSE closed the week in the green over Optimism regarding the cabinet Formation

The BLOM Stock Index (BSI) rose by 2.30% to reach 984.77 points over the last week. The market capitalization increased from $9.38B, last week, to $9.60B this week.

On average of 112,497 shares worth $498,918 were traded on the Beirut Stock Exchange (BSE) this week, compared to 74,399 shares worth $456,210 last week.

Regionally, during the past week, the MSCI Emerging Markets Index, the S&P Pan Arab Composite Large Mid Cap Index and the S&P AFE 40 decreased by 2.61%, 1.16% and 0.76% respectively.

In the Arab World, the bourses of Egypt and Abu Dhabi were this week’s top gainers adding 2.14% and 0.38%, respectively. Meanwhile, the market’s top losers were Dubai’s, Saudi Arabia’s and Tunisia’s Stock Indices which closed the week in the red, retreating by 2.47%, 1.73% and 1.14%, respectively.

On the London Stock Exchange, no changes were recorded on the GDR shares of BLOM Bank, Audi Bank and Byblos Byblos Bank which steadied at $9.25, $4.70and $77 respectively.

On the Beirut Stock Exchange (BSE), the banking sector grasped 53.66 % of the total trading value, while the real estate and retail sectors captured the remaining 45.36% and 0.98%, respectively.

In the banking sector, BLOM listed shares, Blom Bank’s GDR shares, Audi Bank’s GDR shares and Byblos Bank Listed shares  recorded weekly gains of 5.95% , 1.29%, 8.70% and 0.73% to $9.80, $9.42, $4.75 and $1.38, respectively.

As for the Blom Preferred shares Index (BPSI), it didn’t record any weekly change to stand at 86.39.

In the real estate sector, Solidere A and B shares recorded for the second week increases of 7.31% and 6.34% to stand at $7.19 and $7.21, respectively noting that Solidere A reached $7.35 on Thursday.

The Lebanese Stock Market continues to show positive weekly performance as the crisis over the government formation appears to be coming to an end. However, authorities must work on projects that improve the business environment in order to regain investor’s confidence.

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