BLOM Stock Index Registers a Slight Correction

The BLOM Stock Index (BSI) registered a slight improvement of 0.91% to stand at 945.40 points, by the week ending February 15. As such, the market capitalization rose from last week’s $9.13B to $9.21B, this week.

In fact, trading activity grew on the Beirut Stock Exchange (BSE) such that an average of 292,929 shares worth $1.50M were traded this week, compared to an average of 33,974 shares worth $181,303 traded in the previous week.

Regionally, the S&P AFE 40, the S&P Pan Arab Composite Large Mid Cap, and the MSCI Emerging Markets Index registered weekly falls of 1.62%, 0.95%, and 0.27%, respectively.

In the Arab World, the GCC bourses declined on the back of companies’ end of year financial statements, which revealed significant losses. In details, the stock markets of Qatar and Bahrain witnessed the largest weekly losses, recording respective drops of 6.95% and 2.61%. Meanwhile, the Egyptian market recorded a 1.48% weekly rise.

On the Beirut Stock Exchange (BSE), the banking sector grasped 79.80% of the total trading value over the week and the real estate sector acquired a share of 20.19%, while the manufacturing captured the remaining minimal share.

In the real estate sector, Solidere A and B shares witnessed a correction this week. In fact both stocks registered significant increases, with Solidere A shares rising by 4.03% to $6.46 and Solidere B shares increasing by 7.65% to $6.47

In the banking sector, BLOM Bank’s GDR shares and Audi Listed shares registered weekly rises of 3.15% and 0.22% to stand at $9.16 and $4.65, respectively.

In the manufacturing sector, HOLCIM shares rose by a weekly 1.11% to $15.5.

As for the BLOM Preferred Shares Index (BPSI), it witnessed no change during the week.

On the London Stock Exchange, BLOM GDR shares dropped by a weekly 1.69% to $8.70, while Audi GDR shares rose by 2.95% over the week to $4.88.

The performance of the Lebanese bourse is currently witnessing a correction to the large drops it incurred during the past year. Investors further await the actions of the promising new government; hence imminent economic reforms would allow the BSI to revert back to its normal levels.


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