The BLOM Stock Index (BSI) compiled by BLOM Invest Bank daily increased weekly by 1.68% to 2,120.58 points on October 18th, 2024.
On the Beirut Stock Exchange (BSE), the real estate sector dominated trading, accounting for an impressive 100% of the exchange’s total trading value. The most noteworthy trades throughout the mentioned period included:
As for the BLOM Preferred Shares Index (BPSI), it remained constant at 27.78 on October 18th, 2024.
This week, U.S. stock markets recorded gains, with the S&P 500 rising by 0.45% to 5,841, the Dow Jones jumping by 0.88% to 43,239, and the NASDAQ up 0.17% at 18,374. These increases are mainly attributed to strong corporate earnings, such as Netflix and Morgan Stanley’s robust third-quarter results.
Across the Atlantic, European stocks also soared this week, led by the FTSE 100’s 1.59% jump and the DAX 1.08% increase. These moves are attributed to positive investor sentiment following the European Central Bank’s decision to cut interest rates by 0.25% to 3.25%, marking the first consecutive cuts in 13 years amid easing inflation and signs of a slowing economy in the euro area. Eurozone inflation was revised down to 1.7% on a yearly basis from 1.8% in September, which supports the outlook for a faster pace of interest rate cuts by the ECB.
Asians stock markets exhibited mixed performance this week, reflecting varying investor sentiment across the region. The Nikkei 225 in Japan fell by 1.58% to 38,982, as trade data revealed a surprising 1.7% drop in exports for September, contrary to expectations of 0.5% growth, as per economists polled by Reuters, and significantly below August’s revised growth rate of 5.5%. Similarly, the Hang Seng Index in Hong Kong dropped 2.27%, ending at 20,770, amid disappointing news from China’s housing ministry, which led to a sharp decline in property stocks. In contrast, the Shanghai Composite Index rose by 1.72% to 3,273 after the China’s 3rd quarter GDP expanded by 4.6% on a yearly basis. Although this figure was slightly below the previous quarter’s growth of 4.7%, it exceeded economists’ forecasts, providing some optimism amid ongoing economic challenges. In addition, Chinese stocks got a boost from the people’s Bank of China’s launch of a dedicated re-lending facility to aid listed companies and key shareholders in their efforts to buy back shares.
As for the MSCI Emerging Market index, it fell this week by 0.54% to 1,153 points. This decline reflects ongoing challenges in emerging markets, driven by economic uncertainties and geopolitical tensions. Despite some positive earnings reports from companies in the GCC region, broader market conditions have led to cautious investor sentiment, impacting overall performance.
Arab stock markets mainly rose this week, with the Qatar Stock Exchange leading the gains. The Qatar index rose by 2.13%, closing at 10,733 points, boosted by strong performances in various sectors. Other markets also saw increases, such as the Dubai Financial Market Index, which grew by 0.57%. The overall positive sentiment in the region can be attributed to improving economic conditions and investor confidence, as many companies reported better-than-expected earnings. However, some indices reported some losses, such as Saudi’s TASI which declined by 0.72% after the Saudi banking sector recorded some losses.
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