BLOM Stock Index Reached 892.40 Points While Solidere Stock was Mixed

The BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis slightly decreased by 0.86% from last week to reach 892.40 on June 6, 2021. The Market capitalization on the Beirut Stock Exchange (BSE) decreased from $9.23B to $9.15B on June 6, 2021. Moreover, the average volume and value of trades during the week ending June 6, 2021 totaled 76,273 shares worth $1,037,262 compared to 113,133 worth $1,613,155 during last week.

Regionally, the major Arab markets witnessed better performance this week. In details, the MSCI index, the S&P Pan Arab index, and the S&P AFE 40 Composite index all increased weekly by 2.16%, 1.22% and 1.02%, respectively. In the Arab World, the bourses of KSA and UAE were the top gainers this week, the first soared by 1.70%, and the second went up by 0.88%. This week, the Saudi Industrial Development Fund (SIDF) had won a gold award for innovation in business information and websites application, which contributed to innovation in the region’s business sector through growing its capacity to process and examine loans.

 In contrast, the bourse of Egypt and Qatar were the worst performers for this week declining by 1.83% and 0.09%, respectively.

On the Beirut Stock Exchange (BSE), the real estate sector grasped the lion’s share of the BSE’s trading value with a stake of 94.13%, while the banking grasped the rest with a stake of 5.10%. The most noteworthy trades throughout the mentioned period included:

• Audi (GDR) shares went up by 0.50% to $2.01/share
• Audi Listed shares decreased by 5.53% to $2.22/share
• Byblos shares decreased by 2.11% to $0.93/share
• Solidere (A) shares went up by 0.36% to $25.00/share
• Solidere (B) shares decreased by 0.44% to $24.83/share
• Holcim Liban shares went up by 17.71% to $20.01/share

As for the BLOM Preferred Shares Index (BPSI), it ticked up by to 45.64 points by the end of this week.

On the Beirut Stock Exchange, Solidere stocks seem now to dominate local financial investments in the country, however, other stocks like banking sector shares witnessed varying changes in volume and prices. Moreover, as of today, BDL declared to grant depositors holding accounts older than October 2019, a $400 installment per month and an equivalent amount in pounds. As such, this decision could vibrate the market and allow us to observe better  stocks’ trend in the coming weeks.