Solidere Prices Pushed BSE Up To 1,375.97 Points

This week, the BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis recorded a remarkable expansion of 12.21% to reach 1,375.97 on December 23, 2022. The market capitalization on the Beirut Stock Exchange (BSE) increased weekly from $13.35B to $14.10B. The average volume and value of trades also totaled 42,207 shares worth $1,217,417 compared to 137,892 shares worth $7,145,901last 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 97.57%, while the banking sector grasped the remaining of 2.43%, respectively. The most noteworthy trades throughout the mentioned period included:

• Solidere (A) shares added 6.87% to settle at $59.10/share
• Solidere (B) shares dropped by 10.05% to settle at $59.15/share
• BLOM GDR shares increased by 10% to settle at $2.75/share
• Audi listed shares decreased by 3.45% to settle at $1.40
• Audi GDR soared by 6.92% to settle at $1.39/share
• Byblos shares jumped by 21.67% to settle at $0.73/share
• Bank of Beirut shares retreated by 15.73% to settle at $15/share

As for the BLOM Preferred Shares Index (BPSI), it remained constant at 41.01 by December 23, 2022.

In the Arab region, major Arab bourses recorded overall a worst performance this week. The S&P Pan Arab index slightly dropped by 0.50%, while the MSCI index decreased by 0.57% compared to last week. Moreover, Bourse of Qatar and UAE added 0.11% and 0.03%, respectively, by the end of this week. Meanwhile, the bourse of Egypt, Morocco and Kuwait dropped by 4.35%, 2.32% and 2.04% respectively by the end of this week.

In the U.S, the equity market observed a major selloff driven by growing concerns of a recession. Accordingly, S&P 500 and NASDAQ, respectively, dropped by 1.31% and 2.89% on a weekly basis to stand at 3,844.82 and 10,497.86 by Friday December 23, 2022.

In contradiction to the U.S, equity market in Europe traded on a positive territory by the end of week. DAX registered an increase of 0.18% to stand at 13,940.92, whereas CAC 40 added 1% to stand at 6,504.89. In the same token, the FTSE 100 soared by 2.11% from 7,318.58 to 7,473.01 by Friday, December 23, 2022, on the contrary to NIKKEI index which recorded a weekly downturn of 4.69% to end up the week at 26,235.25.