Stocks Closed Lower On Less Optimistic Investors’ Sentiment


10/3/20233/3/2023% Change
BLOM Stock Index                    1,729.670                    1,743.968-0.82%
Average Traded Volume                         52,028                         32,23861.39%
Average Traded Value                    2,105,606                    1,343,07056.78%


This week, the BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis recorded a drop of 0.82% to reach 1,729.67 on March 10, 2023. The market capitalization on the Beirut Stock Exchange (BSE) decreased weekly from $17.87B to $17.72B. The average volume and value of trades also totaled 52,028 shares worth $2,105,606 compared to 32,238 shares worth $1,343,070 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 96.35%, while the banking and industrial sector grasped the respective shares of 2.18% and 1.47%. The most noteworthy trades throughout the mentioned period included:

  • Solidere (A) shares retreated by 2.68% to settle at $80/ share
  • Solidere (B) shares jumped by 1.56% to settle at $81.40/ share
  • HOLCIM added37% to settle at $32.46/ share
  • BLOM GDR contracted by 5.17% to settle at $2.75/ share
  • Audi GDR dropped by 1.44% to settle at $1.37/ share
  • Byblos decreased by 4% to settle at $0.72/ share

As for the BLOM Preferred Shares Index (BPSI), it remained constant at 41.01 by March 10, 2023.

In the Arab region, bourses did better than global market with the S&P Pan Arab index increasing weekly by 0.89% basis points to stand at 907.30 by March 10. Meanwhile, MSCI index retreated by 1.19% on a weekly basis to reach 968.39 by the same period. Moreover, the bourse of Saudi Arabia and Qatar expanded each respectively by 1.80% and 1.08% while the bourse of Egypt, Morocco. UAE, and Bahrain contracted by 2.33%, 2.04%, 1.47%, and 0.94% respectively by the end of week March 10, 2023.

As for the U.S equity market, the latest spike in bond yields was enough to push market into a sell-off and pushed stocks into a mixed picture this week as investors are less optimistic about the US economy as their own profits might be eaten by higher interest rates. As such, S&P 500 and NASDAQ decreased respectively by 1.58% and 1.09% weekly to stand at 3,918.32 and 11,338.36 by the end of week March 10, 2023.

European stocks are broadly lower in closing trade as investors digested Fed and ECB’s further aggressive policy. DAX and CAC 40 both decreased by 0.37% and 1.58% respectively on a weekly basis to end the week at 15,433.80 and 7,228.72. FTSE 100 index recorded a drop of 2.65% to stand at 7,746.81 by the end of March 10, 2023, despite that Britain enjoyed a stronger than expected economic rebound showing like Britain is managing to avoid a recession as the UK economy expanded 0.3%. On the contrary, Japanese stocks added 0.78% to stand at 28,143.97 by March 10, 2023, after Bank of Japan’ s Governor affirmed its commitment to the very soft monetary policy by keeping interest rates at record lows.

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