Cautious Sentiment Prevailed on the BSE over the Week Ending October 11

A cautious sentiment prevailed on the Beirut Stock Exchange (BSE) over the past week. In fact, the BLOM Stock Index (BSI) barely gained 0.04% to close at 1,174.84 points. After last week’s listing of additional Audi listed shares the average traded volume and value were significantly lower this week. The average traded volume went from 2,547,329 shares to 175,480 while the average traded value slid from $15.59M to $1.49M. As for the market capitalization, it slightly broadened from last week’s $9.71B to $9.72B.

The BSI outperformed the S&P AFE40 Index that slid by 0.15% to 74.76 points and the S&P Pan Arab Composite Large Midcap Index that shed 0.11% to 162.88 points. However, the Morgan Stanley Emerging Index (MSCI) outpaced the BSI as it rose by 1.59% to 1,008.33 points.

Among Arab Bourses, no trading occurred in Muscat, Qatar, Saudi Arabia and Kuwait as the stock exchanges were shut for the Eid holiday. Tunisia was the only bourse to close in the green with a 0.47% upturn. However, Egypt ended the week with the biggest loss of 1.80% followed by a fall of 0.66% for Abu Dhabi, and a 0.31% slide for Amman stock exchange and Dubai financial market.

Back to the BSE, the banking sector contributed for around 85% of total traded value and was followed by the real estate sector with a contribution of 15%.

In the banking sector, Byblos’ listed shares added 2.45% to close at $1.67. Meanwhile, the Global Depositary Receipts of BLOM and Audi declined by 0.53% to $9.45 and 1.30% to $6.07, respectively. BEMO’s listed shares also fell by 1.14% to close at $1.73.

The BLOM Preferred Stock Index (BPSI) also posted a minor uptick of 0.12% to 104.91 points. The increase was driven by the 0.30% lift in the share prices of Byblos’ preferred 08 and 09 shares which ended the week at $101.00 and $100.80, respectively. Likewise, Bank of Beirut’s preferred I and H shares rose by 0.19% to $25.75 and by 0.39% to $25.85, respectively.

Solidere shares class “A” and “B” performed poorly, losing 0.50% to $12.05 and 0.25% to $11.97, respectively.

In the industrial sector, HOLCIM shares slid by a minor 0.07% to reach $15.00.

Activity on the Lebanese stock exchange is likely to remain subdued as soldiers of the Lebanese army are still held hostages, as clashes are taking place in remote parts of the country and as the political deadlock is still hindering the election of a new president.