Solidere Rebounded and Pushed BSI up to 1,441.50 Points

This week, the BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis recorded an increase by 0.70% to reach 1,441.50 on July 01, 2022. The Market capitalization on the Beirut Stock Exchange (BSE) expanded weekly from $14.67B to $14.73B. The average volume and value of trades also totaled 96,989 shares worth $5,449,491 compared to 94,293 shares worth $3,137,051 last week.

In more details, by the first of July, 2022 the shares of RYMCO will be delisted from the Lebanese Stock Market after more than 20 years of being publicly traded. Low trading volume and the ongoing financial crisis in the country pushed the company’s shares out of the BSE, but will privately trade among its existing shareholders and others potential investors.

In the Arab region, all major Arab bourses recorded a better performance as global oil prices stabilized this week. As such, the S&P AFE 40 , the S&P Pan Arab, and MSIC added 1.62%, 1.54%, and 0.54%, respectively compared to last week. Moreover, the major bourses in the Arab market also followed an uptick. Qatar, Kuwait, and Saudi Arabia increased by 3.73% and 2.81%, 1.88%, respectively. Meanwhile, Egypt and Tunisia followed a downturn of 2.27% and 0.89%, respectively.

On the Beirut Stock Exchange (BSE), the real estate sector grasped the biggest share of the BSE’s trading value with a stake of 99.64%, while banking sector grasped 0.36%; noting that real estate did well but not banker. The most noteworthy trades throughout the mentioned period included:

• Solidere (A) shares increased by 2.95% to settle at $62.75/share
• Solidere (B) shares added 1.98% to settle at $61.95/share
• BLOM GDR retreated by 0.80% to settle at $2.48/share
• BLOM Listed contracted by 5% to settle at $2.85/share
• Audi Listed shares plunged by 9.64% to settle at $1.50/share
• Byblos shares dropped by 6.67% to settle at $0.70/share

As for the BLOM Preferred Shares Index (BPSI), no major changes were recorded as the index stood at 40.66 by the end of this week.

The BSI increased this week backed by notable transactions and volumes for Solidere stocks. It is anonymously agreed that the BSE index is heavily driven by Solidere’ s stock fluctuation as it’s likely considered the most traded equity traded with high volumes compared to other stocks amid the continuous financial crisis in the country. especially that it is considered to be reasonably undervalued.