Uncertainty Looms Over US Regional Banking Crisis


5/5/202328/4/2023% Change
BLOM Stock Index                    1,831.413                    1,879.742-2.57%
Average Traded Volume                         17,489                         15,76710.92%
Average Traded Value                    1,509,233                    1,112,61435.65%

The BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis recorded a weekly downtick by 2.57% to reach 1,831.413 on May 05, 2023 down from 1,879.742 on April 28, 2023. The market capitalization on the Beirut Stock Exchange (BSE) decreased weekly from $19.26B to $18.77B. The average volume and value of trades also totaled 17,489 shares worth $1, 509, 233 compared to 15,767 shares worth $1,112,614 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 99.85%. The most noteworthy trades throughout the mentioned period included:

  • Solidere (A) shares retreated by 4.10% to settle at $85.45/ share
  • Solidere (B) shares decreased by 3.63% to settle at $85.05/ share

As for the BLOM Preferred Shares Index (BPSI), it remained constant at 41.01 by May 05, 2023.

In the Arab region, S&P Pan Arab decreased weekly by 0.58% to stand at 930.25 while MSCI rose weekly by 0.43 % to stand at 976.36 by May 05, 2023. Moreover, the bourse of Qatar, and UAE expanded each respectively by 4.87% and 1.90%, while the bourse of Egypt and Kuwait contracted by 2.82% and 2.02%, respectively by May 05, 2023.

In the US equity market,  uncertainty regarding the US regional banking crisis is still dominating the market as investors are bearish right now along with high volatility with the VIX index closing above the 20-mark for the first time since March. Accordingly, equities were most in red this week, with the S&P 500 closing -1.79% lower.

Major European stock markets recorded a mixed performance this week with the DAX increasing by 0.58% while the CAC 40 and the FTSE 100 retreated by -0.60% and -1.03%, respectively.  Elsewhere, the NIKKEI Japan increased on a weekly basis by 1.04%.

Leave a Reply

Your email address will not be published. Required fields are marked *