The BSI Slumped by a Weekly 3.60% to 700.27points Despite Government Formation

The BLOM Stock Index (BSI) slumped by 3.60% to close the week at 700.27 points on January 24, 2020. In turn, the Market capitalization on the Beirut Stock Exchange (BSE) fell from last week’s $7.10B to this week’s $6.84B. Meanwhile, the Average traded volume and value increased from last week’s 71,119 shares worth $516,652, to 135,130 shares worth $977,254 in the week ending Jan. 24, 2020.

The regional indices, MSCI Emerging Markets Index, the S&P AFE 40 and the S&P Pan Arab Composite Large Mid Cap Index declined by 1.62%, 0.69%  and 0.55%, respectively.

On a regional level, the top performers over the week were the bourses of Tunisia, Morocco and UAE which increased by 1.58%, 1.24%, and 1.27%, respectively. However, the stock exchanges of KSA, Qatar and Egypt lost weekly 0.87%, 0.69% and 0.60%, respectively.

On the Beirut Stock Exchange (BSE), the real estate sector continued to grasp the highest of  the total trading value at 88.72%, while the banking and industrial sectors grasped the other 10.19% and 1.09%, respectively.

In the banking sector, Blom GDR , Audi GDR and Audi listed share prices dropped by 15% , 7.83% and 16%  to end the week at $3.23, $2.12 and $1.89, respectively.

On the London Stock Exchange, BLOM Bank’s GDR shares rose by 20.79% to end the week at $2.44.

As for the Blom Preferred shares Index (BPSI), it recorded an uptick of 0.25% to end the week at 75.40 points. In details, the downtick is attributed to the: 1.33% weekly increases in the Byblos Preferred 08 to $60.80.

In the real estate sector, Solidere A dropped by 4.59% to reach $8.31 while Solidere B shares recorded a weekly uptick of 0.23% to stand at $8.72.

Meanwhile, in the industrial sector, HOLCIM’s listed shares and Ciments Blancs (N)’s listed shares declined by 4.76% and 3.33% to end the week at $10 and $2.90, respectively.

After 90 days deadlock, Lebanon’s Prime Minister Hassan Diab has officially announced the new Lebanese government aiming to fix the deteriorating economic and financial situation. However, investors seem to be waiting for major developments hoping to unlock international assistance.



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