The Beirut Stock Exchange (BSE) revealed a lackluster performance through an illiquid week during this ongoing summer season, with the BLOM Stock Index (BSI) dropping 0.45% to 1,177.55 points. The average traded volume and value fell from last week’s 318,416 shares worth $2.32M, to 71,207 shares worth $697,548. Accordingly, the market capitalization decreased from $9.96B to $9.91B.
The BSI however managed to outperform the S&P Pan Arab Composite Large-Mid-Cap Index, the S&P AFE 40 Index and the Morgan Stanley Emerging Markets Index (MSCI) which saw respective weekly losses of 1.94%, 1.51% and 3.20%.
On the regional front, only the Egyptian Bourse realized gains, as it increased by a weekly 1.29%. This was possibly due to the positive economic data over the week as the country’s tourism revenues rose by 3.1% in addition to the positive financial results of some listed companies during H1. Furthermore, the completion of the new Suez Canal helped improve investor sentiment.
The worst performer was Saudi Arabia, as its Bourse downturned by 2.93%, over the week. This might be the result of worries over the Chinese economy and global oil oversupply, which had pushed Brent crude oil price to fall by 3.70% to $51.82/barrel. Dubai’s and Abu Dhabi’s Stock Market followed, with respective weekly declines of 1.70% and 1.34%.
Back to the Beirut Stock Exchange, the banking sector captured 83.18% of the total traded value during the week. The GDR shares of BLOM and Audi lost 0.20% and 0.17% to close the week at $9.98 and $6.00, respectively. In addition, Audi listed shares also declined by 0.32% to $6.17 on Friday. Worth noting that Audi released their financials this week, recording H1 profits of $202M with a return on equity of 13.8%.
On the other hand, the preferred shares exhibited a progress, where the BLOM Preferred Stock Index (BPSI) added a weekly 0.10% to 104.96 points. In details, Byblos preferred shares 2009 improved by a weekly 1.29% to $102.00, which was partially offset by the 0.49% drop to $10.00 on BLOM preferred shares 2011.
In the real-estate sector, Solidere shares classes “A” and “B” dropped 2.46% and 2.28% to close the week at respective quotes of $11.12 and $11.14. This was possibly due to the ex-dividend date of those shares falling on the 29th of July.
The industrial sector witnessed a positive showing, where HOLCIM and Ciment Blancs Bearer shares gained 1.68% and 9.27% to $15.15 and $3.30 over the week, respectively.
For the coming week, the BSI will probably be affected by the ongoing release of some banks financial statements,in addition to any potential political developments.