BLOM Stock Index down to 879.65 Points for the week of July 09, 2021

The BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis slightly decreased by 0.74% from last week to reach 879.65 on July 09, 2021. The Market capitalization on the Beirut Stock Exchange (BSE) decreased from $9.08B to $9.01B on July 09, 2021. Moreover, the average volume and value of trades during the week ending July 09, 2021 totaled 98,783 shares worth $4,971,120 compared to 464,335 shares worth $10,289,299 during last week.

Regionally, the major Arab markets witnessed a bad performance this week. In details, the S&P AFE 40 and S&P Pan Arab index, decreased weekly by 1.17%, and 1.15%, respectively. Meanwhile, the MSCI index also decreased by 3.80% compared to last week. In the Arab World, the bourse of Qatar was the top gainers this week, and witnessed an increase of 0.14 compared to last week. In contrast, the bourse of Saudi Arabia and UAE were the worst performers for this week declining by 1.87% and 0.87%, respectively.

This week, the decrease in the bourse of the Arab markets can be attributed to the clash between KSA and UAE regarding the production of oil. In details, KSA wants to extend remaining OPEC+ cuts until the end of 2022 while the UAE refused this suggestion.

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 82.83%, while the banking grasped a stake of 14.02% and the industrial sector grasped a stake of 3.14%. The most noteworthy trades throughout the mentioned period included:

• Audi GDR shares went up by 2.50% to $2.05/share
• Blom Listed shares added 1.48% to $3.33/share
• Byblos shares increased by 2.15% to $0.95/share
• Byblos Preferred 08 shares increased by 0.03% to $33.10/share
• Solidere (A) shares went down by 2.05% to $24.32/share
• Solidere (B) shares decreased by 1.38% to $24.35/share
• Holcim shares increased by 15.88% to $19.70/share

As for the BLOM Preferred Shares Index (BPSI), remained stable at 45.57 points by the end of this week.

The price of Solidere A and Solidere B decreased this week by approximately 2% on average. In fact, the continues decrease of the price of shares of real estate companies on the BSI may be an indicator that this sector has already reached its peak and the current crisis could hit him badly like other sectors.