BSI Reached a New High Record up to 1014.273 Points

The BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis increased by 5.43% from last week to reach 1014.273 on August 06, 2021. The Market capitalization on the Beirut Stock Exchange (BSE) increased from $9.286B to $10.39B on August 06, 2021. Moreover, the average volume and value of trades during the week ending August 06, 2021 totaled 144,447 shares worth $1,273,752 compared to 114,816 shares worth $1,727,721 during last week.

This week, Lebanon remembered its victims as thousands of protestors have token the streets for the first anniversary of the massive explosion that hit the port of Beirut on the 4^th of August 2020. On the other hand, the negotiations between the PM Najib Mikati and the President Michel Aoun are going very slow and didn’t witness any progress, as Lebanon needs a government urgently amid the unbearable economic crisis.

Regionally, the major Arab markets witnessed a better performance this week. In details, the S&P Pan Arab and S&P AFE 40 index, increased weekly by 1.69%, and 2.06%, respectively. Meanwhile, the MSCI index increased slightly by 0.36% compared to last week. In the Arab World, the bourse of UAE, Qatar and Saudi Arabia were the top gainers this week, and witnessed an increase of 2.50%, 1.87% and 2.52%, respectively, compared to last week.

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 70.66%, while the banking grasped a stake of 28.48% and the industrial sector grasped a stake of 0.86%. The most noteworthy trades throughout the mentioned period included:

• BLOM GDR shares added 1.56% to $3.25/share
• Audi listed shares increased by 9.91% to $2.33/share
• Audi GDR shares added 9.64% to $2.16/share
• Byblos Preferred 08 shares went up by 5.71% to $34.99/share
• Solidere (A) shares soared by 7.59% to $31.60/share
• Solidere (B) shares jumped 6.76% to $31.75/share
• Holcim shares added 7.44% to $20.95/share

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

This week, Solidere stock prices jumped to an all-time high new record. However, the BSE is considered a low liquid market and small volumes can easily affect the price of any stock on the BSE. But the strong performance of the whole stock market on the BSE this week cannot be related to fundamental analysis especially for the banking sector, where banks listed on the BSE are desperately trying to improve their image that was damaged lately due to the financial crisis.