BLOM Stock Index Recorded a Weekly Increase of 0.74% to 1,183.90 Points

The Beirut Stock Exchange improved this week, as the BLOM Stock Index (BSI) recorded a weekly 0.74% uptick to close at 1,183.90 points.

The average traded volume went down from 158,297 shares worth $1.04M to 58,498 shares worth $693,898. As for the market capitalization, it widened by 72.76M since last week to $9.89B.

The BSI ranked second among its regional peers, with only the Morgan Stanley Emerging Markets Index (MSCI) outperforming the BSI’s 0.74% increase, with a weekly uptick of 2.27% to 1,012.62. Meanwhile, the S&P AFE40 Index and the S&P Pan Arab Composite Large Midcap Index posted declines of 2.31% and 2.73%to 67.30 points and 143.41 points, respectively.

In the Arab World,the BSI was the best performer, followed by Egypt’s stock exchange and Tunisia’s bourse, which increased by 0.73% and 0.64% to 9,325.95 points and 4,981.07 points, respectively.

On the other hand, Saudi Arabia’s bourse was the worst performer, dropping 3.75%, followed by Qatar and Abu Dhabi with declines of 3.72% and 3.23%, respectively, due to the increased reductions in oil prices as a result of OPEC’s refusal to reduce the level of output.

Back to the BSE, the banking sector contributed around 50.23% of total traded value and was followed by the real estate sector with a share of 49.41%. The industrial sector captured a minor share of 0.35%.

In the banking sector, Byblos listed shares and BLOM GDR shares increased by 1.25% and 0.52% to respectively close at $1.62 and $9.60. On the other hand, Audi GDR shares lost a weekly 2.31% to $6.35.

The BLOM Preferred Stock Index (BPSI) also strengthened, posting a 0.33% increase to 105.62 points, as Audi preferred shares class “E” and Byblos preferred shares 2008 and 2009 gained 0.69%, 0.30% and 1.88% to $102.20, $101.30 and $103, respectively. Meanwhile, BEMO preferred 2013 shares lost 0.10% to $100.90.

In the real estate sector, Solidere shares class “A” continued their increase for the second week, adding 2.64%, to close at $11.65. Solidere “B” shares also gained 3.53%to $11.73. In the last two weeks, Solidere reversed the previously noted downtrend, knowing that the share price has a strong support level at $11.05 and a resistance at around $12.30 during the downtrend.

After return to more secure safety conditions during the week, reflected in the 27-basis point decrease in Lebanon’s 5Y CDS spread, the stock market may continue on its upward trend throughout the coming week.

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