BSI in the Red: Earnings Week

The BLOM Stock Index (BSI) declined over the week ending Aug 02nd by 2.70% to 817.86 points, and this can be partly linked to the release of bank’s earnings this week. In addition, despite the signing off of the budget by the end of the week, the market capitalization recorded a weekly drop of 2.7% to $7.97B. As for the Average traded volume of listed shares, it added a weekly 8.55% to stand at 113,148 shares while the Average traded value also increased by 6.08% over the week to $443,246.

Regionally, all main indices slumped, with the MSCI Emerging Markets Index losing a weekly 2.3%, while the S&P Pan Arab Composite Large Mid Cap and the S&P AFE 40 registered weekly downticks of 1.58% and 1.55%.

In turn, the week’s top gainers were the bourses of UAE, Bahrain, and Morocco ending the week with upticks of 1.56%, 2.24%, and 1.05%, respectively. Meanwhile, the bourses of Saudi Arabia, the UAE and Qatar recorded weekly downticks of 1.36%, 2.37% and 1.44%, respectively.

On the Beirut Stock Exchange (BSE), the week entailed the publishing of banks’ earnings which came in lower compared to the same period last year. This partly explains why banks grasped 75.51% of total traded value of shares and witnessed declines in share prices. Meanwhile, the real estate sector and industrial sector accounted for 24.24% and 0.25% of total traded value, respectively.

In details, the listed shares of BLOM Bank and Audi bank retreated by 8.64% and 1.3% to end the week at $7.3 and $3.8, respectively. Moreover, the GDR shares of Audi bank lost 5.06%, to reach $3.75. In turn, Byblos bank listed shares slid by a weekly 1.67% to $1.18 by the end of this week.

In the real estate sector, Solidere A and B shares added a marginal 0.48% and 1.14% to stand at $6.24 and $6.22, respectively. Meanwhile, shares of each of HOLCIM and Ciment Blancs retreated by a weekly 12% and 0.67% to $10.12 to $2.98, respectively.

As for the BLOM Preferred shares Index (BPSI), it added 0.15% to end the week at 82.55 points, owing to weekly upticks in the following shares:

  • Audi Pref. H: up by 2.74% to $75
  • Byblos Preferred 2008: up by 1.54% to $6.22

On the London stock exchange, BLOM and Audi GDR shares fell by a weekly 0.68% and 2.53% to $7.30 and $3.86, respectively.

The BSI this week remained in the red as listed shares fell, owing it largely to the financial results of commercial banks that were out this week, revealing weaker earnings.



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