The BLOM Stock Index (BSI) rose by a weekly 1.10% to stand at 596.46 points on April 24, 2020 and the Market capitalization on the Beirut Stock Exchange (BSE) also increased by 1.12% to $6.11B this week. Meanwhile, activity on the BSE dropped this week, as shown by the Average traded volume and value decreasing from last week’s 179,453 shares worth $902,722 to this week’s 81,198 shares worth $775,840.
Major stock markets in the Gulf traded lower this week after US oil prices slumped to historic lows over sluggish demand, a supply glut and a lack of storage. The bourses in the Gulf Cooperation Council (GCC) states have sustained heavy losses since the outbreak of the coronavirus and sharp declines in oil prices. Most of them made a partial comeback in April but remained way below last year’s finish.
As a result, the regional indices, MSCI Emerging Markets Index , S&P AFE 40 and The S&P Pan Arab Composite Large Mid Cap Index declined weekly by 1.05%, 1.40% and 0.59% respectively.
In terms of market performers, most of the MENA bourses were in red this week. In details, the bourses of Kuwait, Qatar, Morocco and Bahrain recorded the weekly drops of 1.85%, 1.20% , 1.35% and 0.41%, respectively.
On the Beirut Stock Exchange (BSE), the real estate sector grasped the highest of the total trading value at 98.90%, while the banking sector grasped the remaining share of 1.1%.
In the real estate sector, Solidere “A” and Solidere “B” shares recorded a weekly uptick by 3.15% and 5.32% each to reach 10.47$ and 10.50$, respectively
In the Banking sector, the most significant price decrease recorded among Banks’ traded shares over the week was: Audi Bank’s GDR shares by 16.32% to $2.
As for the Blom Preferred shares Index (BPSI), it remained unchanged and ended the week at 66.67 points.
On the London Stock Exchange, Audi Bank’s GDR shares dropped by 3.57% to end the week at $1.35.