The BLOM Stock Index (BSI) fell by 0.81% to reach 976.75 points over the last week. The market capitalization decreased from $9.60B last week to $9.52 B to this week.
On average 1.06M of shares worth $5,35M were traded on the Beirut Stock Exchange (BSE) this week, compared to 112,497 shares worth $498,918 last week.
Regionally, during the past week, the MSCI Emerging Markets Index, the S&P AFE 40 and the S&P Pan Arab Composite Large Mid Cap Index Increased by 0.78%, 0.59%, and 0.45%respectively.
In the Arab World, the bourses of Bahrain, Morocco, and Tunisia were this week’s top gainers adding 0.58%, 0.57%, and 0.13% respectively. Meanwhile, the market’s top losers were Dubai’s, Qatar’s and Saudi Arabia’s Stock Indices which closed the week in the red, retreating by 2.93%, 1.99%, and 1.41 %, respectively.
On the London Stock Exchange, the GDR shares of BLOM Bank witnessed a weekly decline of 0.54% to stand at $9.20.On the contrary, GDR shares of Bank Audi rose by 3.83% and reached $4.88 by the week ending December 28.
On the Beirut Stock Exchange (BSE), the banking sector grasped 94% of the total trading value, while the real estate and retail sectors captured the remaining 5.65% and 0.35%, respectively.
In the banking sector, BLOM listed shares, Blom Bank’s GDR shares and Byblos Bank Listed shares declined by a weekly 5.61%, 1.17%and 0.72% to $9.25, $9.31 and $1.37 respectively.
As for Audi listed shares and Audi’s GDR shares they recorded a weekly increase of 3.16% and 2.53% respectively.
As for the Blom Preferred shares Index (BPSI), it didn’t record any weekly change and stood at 86.39.
In the real estate sector, Solidere A and B shares fell by 2.64% and 0.28% and to stand at $7.00 and $7.19 respectively.
In turn, HOLCIM Liban ended this week with a slight change at $15.50, down from $15.51 last week.
In conclusion, the sudden disruption of the cabinet formation that occurred last week dashed all hopes for optimism and led to a decline in the BLOM Stock Index one more time to end 2018 in red.
As Lebanese prepare to celebrate the New Year 2019, festivities are mixed with disappointment and fear of the current political and economic situation, especially from the inability of a government formation even after eight months of ongoing discussions and hard work.