BSI Dropped to 3-weeks Low to 1,245.826

This week, the BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis recorded a significant decrease of 7.44% to reach 1,245.826 on September 30, 2022. The market capitalization on the Beirut Stock Exchange (BSE) decreased weekly from $13.79B to $12.77B. The average volume and value of trades also totaled 815,050 shares worth $1,872,874 compared to 15,525 shares worth $845,391 last week.

The MSCI and the S&P Pan Srab index both decreased by 1.42% and 3.59%, respectively, compared to last week. Moreover, Bourse of Tunisia and Qatar added 1.18% and 0.41% respectively by the end of this week. Meanwhile, the bourse of Kuwait, Morocco and Bahrain registered a downtick of 4.54%, 4.37% and 2.39%, respectively, by the end of this 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 74.61%, while the banking sector and the industrial sector grasped the remaining of 24.48% and 0.91%, respectively. The most noteworthy trades throughout the mentioned period included:

• Solidere (A) shares decreased by 10.04% to settle at $51.05/share
• Solidere (B) shares decreased by 8.96% to settle at $51.8/share
• Audi Listed Shares decreased by 6% to settle at $1.41/ share
• Audi GDR rose by 0.68% to settle at $1.49/share
• Byblos listed shares decreased by 7.81% to settle at $0.59/share
• Holcim Liban dropped by 7.45% to settle at $28.22/share

As for the BLOM Preferred Shares Index (BPSI), it remained unchanged at 41.02 by September 30, 2022.

This week, BSI dropped significantly to 3-weeks low driven by sharp decline in Real Estate stock prices despite very reluctant moves on the Beirut Stock Exchange. In details, Solidere A and B gradually plunged during this week’s sessions to end up at $51.05 and $51.8, respectively, the lowest since September 9, 2022. Moreover, Banks and industrial’ stocks also registered a remarkable decline this week with all three, Audi, Byblos, and Holcim falling by the end of the week thus pushing the index down. However, the fluctuation in the Lebanese market reflects investors’ sentiment towards the upcoming period as several measures are placed on the table as for the Lebanese budget, new exchange rate, as well as the recovery plan. All this will definitely constitute a turning point for the stock market.