BSI declined to 1,171.04 points but outperformed region

The Beirut Stock Exchange couldn’t preserve last week’s positive performance. The BLOM Stock Index (BSI) lost 0.80% to close at 1,171.04 points.

The average traded volume went from 148,764 shares worth $1.45M down to133,767 shares worth $1.17M. As for the market capitalization, it narrowed by 78.86M since last week to $9.79B.

Although the BSI declined, it performed better than its regional peers. The S&P Pan Arab Composite Large Midcap Index dropped by 2.86% to 148.71 points,  the S&P AFE40 Index slid by 2.64% to 68.65 points, and the Morgan Stanley Emerging Index (MSCI) declined by 1.61% to 991.32 points.

Among the Arab world, Tunisia’s stock exchange was in the lead for the second week in a row, rising by 3.36% since last week, followed by Egypt’s bourse that added 3.35%, and the Qatar’s financial market that inched up by 0.68%.

On the other hand, most GCC countries’ bourses tumbled due to declining oil prices. Saudi Arabia’s stock exchange was the worst performer for the second week back-to-back, dropping 3.84%, Kuwait’s financial market and Dubai’s bourse followed declining by 3.08% and 3.06%, respectively.

Back to the BSE, the banking sector contributed for around 64.83% of total traded value and was followed by the real estate sector and the industrial sector with shares of 34.843% and 0.33%, respectively.

In the banking sector, all traded shares saw a weekly drop in price. BLOM listed shares and Byblos listed shares went down by 0.57% and 1.83% to $8.75 and $1.61, respectively. Likewise, Audi listed and GDR shares lost 1.25% and 1.39% to $6.30 and $6.40, respectively.

The BLOM Preferred Stock Index (BPSI) weakened as well, posting a minor downtick of 0.06% to 105.06 points. This was triggered by Byblos Preferred 09 shares that dropped by 0.30% to $101.

Solidere shares class “A” and “B” remained on their downtrend for the fifth week in a row, declining 0.09% and 1.40%, to close the week at $11.38 and $11.23, respectively.

In the industrial sector, HOLCIM shares shed 3.16% to reach $15.00.

The BSE might continue to move in a seesaw as no positive political and security developments seem to loom in the next few months.

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