Global Stocks Rallied As Banking Worries Fade

The BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis recorded a weekly uptick by 2.23% to reach 1,840.380 on March 31, 2023 up from 1,800.160 on March 24, 2023. The market capitalization on the Beirut Stock Exchange (BSE) increased weekly from $18.45B to $18.86B. The average volume and value of trades also totaled 56,707 shares worth $3,006,415 compared to 55,988 shares worth $3,084,147 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 98%, while the banking and industrial sector grasped the respective shares of 1.17% and 0.83%. The most noteworthy trades throughout the mentioned period included:

• Solidere (A) shares added 2.63% to settle at $87.85/ share
• Solidere (B) shares increased by 1.83% to settle at $86.05/ share
• Ciments Blancs plunged by17% to settle at $14.04/ share
• BLOM GDR declined by 2.40% to settle at $2.44/share
• BLOM Listed jumped by 20% to settle at $3/share
• Audi Listed decreased by 0.66% to settle at $1.50/ share
• Audi GDR expanded by 2.99% to settle at $1.38/share
• Byblos retreated by 2.74% to settle at $0.71/ share

As for the BLOM Preferred Shares Index (BPSI), it remained constant at 41.01 by March 31, 2023.

In the Arab region, overall bourses recorded a better performance this week as oil prices rebounded from low levels previous week. S&P Pan Arab and MSCI indices both increased weekly by 0.97%  and 0.82%, respectively, to stand at 898.08 and 985.77 point by March 31. Moreover, the bourse of Egypt, Qatar, Saudi Arabia, and UAE expanded each respectively by 5.08%, 2.06%, 1.38%, and 1.27% while the bourse of Bahrain contracted by 0.63% by the end of week March 31, 2023.

As for the U.S equity, the markets’ concerns regarding a potential global banking crisis has been eased this week turning investors towards riskier assets.  As such, S&P 500 and NASDAQ re-picked and added respectively 2.59% and 1.92% weekly to stand at 4050.83 and 12,013.47 by March 31, 2023.

In the same token, European stocks set for a weekly gain while traders are carefully looking unto the liquidity and solvency of the banking sector. Saying this, European indices were broadly higher with DAX and CAC 40 both increased by 4.90% and 4.59% respectively on a weekly basis to end the week at 15,588.38 and 7,302.79. Similarly, FTSE 100 index recorded an increase of 3.77% to stand at 7,634.79 by the end of March 31, 2023 while Nikkei added 2.40% on a weekly basis and touched 28,041.48 by the end of March 31, 2023.