US Stocks Lack Clear Directions As Market Sentiment Remains Sluggish

28/4/202320/4/2023% Change
BLOM Stock Index                    1,879.742                    1,914.032-1.79%
Average Traded Volume                         15,767                         36,273-56.53%
Average Traded Value                    1,112,614                    1,078,0173.21%

The BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis recorded a weekly downtick by 1.79% to reach 1,879.742 on April 28, 2023 down from 1,914.032 on April 20, 2023. The market capitalization on the Beirut Stock Exchange (BSE) decreased weekly from $19.62B to $19.26B. The average volume and value of trades also totaled 15,767 shares worth $1,112,614 compared to 36,273 shares worth $1,078,017 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 99.60%, while the banking and industrial sector grasped the respective shares of 0.30% and 0.09%. The most noteworthy trades throughout the mentioned period included:

  • Solidere (A) shares added 1.02% to settle at $89.10/ share
  • Solidere (B) shares expanded by 1.20% to settle at $88.25/ share
  • HOLCIM shares rose by22% to settle at $42.10/ share
  • BEMO Listed increased by 8.70% to settle at $1.25/share
  • Byblos retreated by 6.67% to settle at $0.70/ share
  • Audi Listed plunged by 17.13% to settle at $1.50/ share
  • BLOM Listed added 2.04% to settle at $2.55/ share
  • BLOM GDR dropped by 36.09% to settle at $2.50/ share

As for the BLOM Preferred Shares Index (BPSI), it remained constant at 41.01 by April 28, 2023.

In the Arab region, S&P Pan Arab increased weekly by 1.01% to stand at 935.65 while MSCI dropped weekly by 1.84% to stand at 972.18 by April 28, 2023. Moreover, the bourse of UAE, Saudi Arabia, Tunisia and Bahrain expanded each respectively by 2.13%, 0.96%, 0.95%, and 0.50% while the bourse of Morocco contracted by 0.66% by April 28, 2023.

As of for the American stock market, risk profile remains fuzzy during this week and stocks futures lack clear directions amid fears weighed on the traders’ sentiment amid reports that the First Republic Bank plans to sell half of its loan to fill a $100B deposit flight gap. As such, S&P 500 and NASDAQ decreased respectively by 0.46% and 0.12% to stand at 4,135.35 and 12,142.24 points by April 28, 2023.

Major European stock markets closed slightly lower on Friday April 28, 2023 despite European recession fears faded but inflation picked up. In turn, CAC 40 and FTSE 100 both decreased by 1.14% and 0.80% respectively on a weekly basis to end the week at 7,430.42 and 7,818.90. In contrast, DAC index insignificantly increased by 0.02% to stand at 15,770.42 by April 28, 2023. Similarly, Nikkei added 0.69% on a weekly basis and touched 28,856.44 by April 28, 2023.

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