Arab Stock Market recorded a better performance this week

The BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis recorded a weekly increase by 0.2% to reach 1,834.026 on June 9, 2023 up from 1,830.395 on June 2, 2023. The market capitalization on the Beirut Stock Exchange (BSE) increased weekly from $18.76B to $18.8B. The average volume and value of trades also totaled 37,530 shares worth $2,182,425 compared to 44,888 shares worth $ 871,899 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 95.51%, while banking and industrial sectors grasped respectively the rest of the stake of 3.2% and 1.29%.The most noteworthy trades throughout the mentioned period included:

• Solidere (A) shares fell by 1.3% to settle at $83.4/ share
• Solidere (B) shares fell by 1.13% to settle at $83.05/ share
• Holcim shares increased by 20.23% to settle at $55.4/ share
• Audi GDR shares fell by 0.73% to settle at $1.36/ share
• Byblos Listed shares increased by 6.67% to settle at $0.8/ share

As for the BLOM Preferred Shares Index (BPSI), it remained constant at 39.62 by June 9th, 2023.

In the Arab region, the stock market expanded this week as S&P Pan Arab and MSCI increased weekly by 2.15% and 0.99% respectively by June 9, to stand at 932.48 and 994.08. Moreover, the bourse of Saudi Arabia and UAE expanded each respectively by 3.47% and 3.25%, while the bourse of Morocco contracted by 0.85% by June 9, 2023.

In the US, S&P 500 expanded weekly by 0.27% to stand at 4,293.93, while NASDAQ dropped by 0.02% weekly to stand at 13,238.52 by June 9. Indeed, technology stocks drove a rally in US equities after data showing US jobless claims surged more than expected last week. Moreover, investors are reassessing the trajectory of Fed policy after central banks in Australia and Canada this week unexpectedly raised rates.

Major European stock markets recorded a worse performance this week as DAX, CAC40 France and FTSE 100 dropped respectively by 0.61%, 1.01% and 0.73% to stand at 15,953.2, 1,444.05 and 7,551.58 respectively on June 9.  Meanwhile, NIKKEI Japan increased weekly by 2.35% to stand at 32,265.17 on June 9.