BSE Down to 966.357 Amid Fluctuations in Solidere Stocks

18/2/202211/2/2022% Change
BLOM Stock Index         966.357          976.791-1.07%
Average Traded Volume           55,589          104,988-47.05%
Average Traded Value         917,265          388,236136.26%

This week, the BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis slightly decreased by 1.07% to reach 966.357 on February 18, 2022. The Market capitalization on the Beirut Stock Exchange (BSE) witnessed a decrease from $10.01B to $9.90B. The average volume and value of trades also totaled 55,589 shares worth $917,265 compared to 104,988 shares worth $388,236 last week.

Locally, Lebanon finally put efforts to renovate the Port of Beirut by granting CMA CGM, a French shipping company with Lebanese roots, the concession of the container terminal of the port as of March 2022 for the coming decade. This action is a statement of reviving the beating heart of Beirut and an act to represent Lebanon on global terminal industry.  On a different note, no final decision for a financing package has been reached with the IMF as the virtual negotiation ended with further request for fiscal reforms and measures for a sustainable monetary policy.

Regionally, in the Arab world, Saudi Arabia announced its commitment to generate 15GW from renewable resources by 2024, a project that will be implemented by the National Renewable Energy Program aiming to provide more than 7,000 jobs by end of 2024. Furthermore this week, UAE and Turkey agreed on reviving their export volume target and aiming to reach $10B in a very short time.

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 92.83%, while banking and industrial sectors grasped the rest with stakes of 7.17% and 0.01%, respectively. The most noteworthy trades throughout the mentioned period included:

  • Solidere (A) shares decreased by 1.05% to $30.25/share
  • Solidere (B) shares increased by 0.80% to $30.16/share
  • BLOM listed retreated by 1.49% to $3.30/share
  • Audi (GDR) decreased by 6.50% to $1.87/share
  • Byblos listed contracted by 1.19% to $0.83/share
  • Hoclim plunged 13.64% to $19/share

As for the BLOM Preferred Shares Index (BPSI), it remains the same at 44.99 by the end of this week.

This week, the BSE followed a downtrend as Solidere stocks fluctuated. Despite lower traded volume on Beirut stock exchange, the changes in the stock market reflected the low degree of volatility of the Lebanese pound as well as the depressed economic situation of the country.

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