|BLOM Stock Index||1,447.791||1,423.111||1.73%|
|Average Traded Volume||50,085||39,774||25.92%|
|Average Traded Value||1,337,524||2,129,087||-37.18%|
This week, the BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis recorded a rise of 1.73% to reach 1,447.791 on January 27, 2022. The market capitalization on the Beirut Stock Exchange (BSE) increased weekly from $14.59B to $14.84B. The average volume and value of trades also totaled 50,085 shares worth $1,337,524 compared to 39,774 shares worth $2,129,087 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 97.72%, while the banking sector grasped the remaining of 2.28%. The most noteworthy trades throughout the mentioned period witnessed higher real estate and bank prices and included:
As for the BLOM Preferred Shares Index (BPSI), it remained constant at 41.01 by January 27, 2023.
In the Arab region, major Arab bourses recorded overall a better performance this week. In fact, S&P Pan Arab and MSCI indexes increased respectively by 1.08% and 2.39% by January 27, 2023 compared to last week. Moreover, Bourse of Egypt, Qatar and Saudi Arabia added 4.51%, 2.77%, and 1.31% respectively, by the end of this week. Meanwhile, the bourse of Morocco and United Arab Emirates (UAE) dropped respectively by 1.84% and 0.71% by the end of this week.
As for the US equity market, stocks improved in January 27, 2023 amid the annual increase of US GDP by 2.9% in the fourth quarter of 2022. Accordingly, the S&P 500 and NASDAQ increased remarkably by 4.14% and 6.08% on a weekly basis to stand at 4,060.43 and 11,512.41 respectively by Friday January 27, 2023. The continued growth in the fourth quarter showed the resilience of businesses in the face if inflation and rising interest rates.
In the same token, equity market in Europe improved weekly by January 27, 2023. In fact, according to Bank of America, investors were chasing European stocks at the fastest pace in nearly a year amid concerns of a recession in the US last week. Recent data showed the UK economy improved as FTSE 100 registered an uptick of 0.14% to stand at 7,775.53. Similarly, DAX and CAC 40 registered respectively an uptick of 1.23% and 1.57% to stand at 15,165.12 and 7,107.58 by Friday, January 27, 2023. Nevertheless, the European Central Bank and Bank of England will take center stage in the week ahead as both look set to raise interest rates by 50 basis points.