|BLOM Stock Index||1,743.968||1,556.132||12.07%|
|Average Traded Volume||32,238||45,706||-29.47%|
|Average Traded Value||1,343,070||3,152,436||-57.40%|
This week, the BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis recorded a significant jump of 12.07% to reach 1,743.968 on March 3rd, 2023. The market capitalization on the Beirut Stock Exchange (BSE) increased weekly from $15.94B to $17.87B. The average volume and value of trades also totaled 32,238 shares worth $1,343,070 compared to 45,706 shares worth $3,152,436 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 99.34%, while the industrial and banking sector grasped the respective shares of 0.15% and 0.52%. The most noteworthy trades throughout the mentioned period included:
- Solidere (A) shares jumped significantly by 19.83% to settle at $82.2/ share
- Solidere (B) shares jumped significantly by 12.57% to settle at $80.15/ share
- HOLCIM dropped by 3.27% to settle at $31.1/ share
As for the BLOM Preferred Shares Index (BPSI), it remained constant at 41.01 by March 3rd, 2023.
In the Arab region, Major bourses expanded this week amid higher oil prices. As such, S&P Pan Arab and MSCI indexes increased respectively on a weekly basis by 1.01% and 0.84% to stand at 899.31 and 980.05 by March 3rd. Indeed, the bourse of Saudi Arabia, Qatar, Tunisia and Morocco expanded each respectively by 1.23%, 1.43%, 0.51% and 1.13% by the end of this week. Meanwhile, the bourse of Bahrain and Egypt contracted by 0.49% and 0.92% respectively by the end of week March 3rd, 2023.
As for the U.S equity market, S&P 500 and NASDAQ increased respectively by 0.28% and 0.6% weekly to stand at 3,981.35 and 11,462.98 by the end of week March 3rd, 2023. Indeed, traders tried to shake off concerns over higher interest rates as Atlanta Federal Reserve President Raphael Bostic reported that he will firmly stick with quarter-point hikes not more.
European stock markets followed the global positive trend by Friday, March 3rd. In fact, major indexes expanded as DAX Germany and CAC 40 France increased remarkably by 1.85% and 2.19% respectively on a weekly basis to end the week at 15,491.48 and 7,344.52. However, across Europe, inflation data came in hotter than expected as headline inflation eased from 8.6% to 8.5%, but this was above a consensus estimate. Moreover, FTSE 100 Britain recorded an uptick of 1% to stand at 7,957.32 by the end of week March 3rd, 2023. Similarly, Japanese stocks added 1.73% to stand at 27,927.47 by March 3rd, 2023