Global Stocks mixed awaiting Fed interest rate moves

The BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis recorded a weekly uptick by 1.87% to reach 1,914.032 on April 20, 2023 up from 1,878.876 on April 13, 2023. The market capitalization on the Beirut Stock Exchange (BSE) increased weekly from $19.26B to $19.62B. The average volume and value of trades also totaled 36,273 shares worth $1,078,017 compared to 2,441 shares worth $216,842 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 99.41%, while the banking and industrial sector grasped the respective shares of 0.55% and 0.04%. The most noteworthy trades throughout the mentioned period included:

• Solidere (A) shares fell by 0.9% to settle at $88.2/ share
• Solidere (B) shares dropped by 0.63% to settle at $87.2/ share
• Ciments Blancs shares rose by38% to settle at $17.5/ share
• BLOM Listed jumped by 33% to settle at $3.99/share
• Audi Listed jumped by 20.67% to settle at $1.81/ share
• Byblos jumped by 7.14% to settle at $0.75/ share

As for the BLOM Preferred Shares Index (BPSI), it remained constant at 41.01 by April 20, 2023.

In the Arab region, S&P Pan Arab increased weekly by 0.82% to stand at 926.26 while MSCI dropped weekly by 0.67% to stand at 990.37 by April 20, 2023. Moreover, the bourse of Egypt, Kuwait and Saudi Arabia expanded each respectively by 4.63%, 2.22%, 2.09%, while the bourse of Qatar, UAE (DFM) and Morocco contracted respectively by 2.89%, 0.73% and 0.51% by April 20, 2023.

Major U.S. stock indices have experience a mixed day as S&P 500 added 0.2% weekly to stand at 4154.52, meanwhile NASDAQ slightly dropped by 0.07% weekly to stand at 12,157.23 by April 20, 2023. This fluctuation in the market mirrors a mixed start to the earnings season, where some companies have presented moderate outcomes while big banks have performed well. There are still many earnings reports to come over the next few weeks and investors are also anticipating indications of an economic slowdown.

European stock markets closed slightly higher on Friday after U.K. inflation unexpectedly accelerated standing at 10.1% above a consensus projection of 9.8% and investors around the world awaited the U.S. Federal Reserve’s latest decision on interest rates. In fact, European indices were broadly higher with DAX and CAC 40 both increased by 0.24% and 0.47% respectively on a weekly basis to end the week at 15,766.85 and 7,516.27. Similarly, FTSE 100 index recorded an increase of 0.49% to stand at 7,881.58 by April 20, 2023. Meanwhile, Nikkei added 1.78% on a weekly basis and touched 28,657.57 by April 20, 2023.