BLOM Stock Index Rebounds after Strong Performance of Banking Stocks
The BLOM Stock Index (BSI) ended the week at 1,235.82 points, the equivalent of a 0.81% weekly upturn. This was also reflected by an increase in market capitalization from last week’s $10.56B to this week’s $10.65B.
However, the average trading volume and value decreased from 180,899 traded shares worth $1.59M last week to 68,745 traded shares worth $636,000 this week.
On a wider scale, the MSCI Emerging Markets Index registered a 0.16% weekly uptick while the S&P Pan Arab Composite LargeMidCap Index and the S&P AFE40 were down by 2.71% and 0.56%, respectively.
In the Arab markets, the stock exchanges in Kuwait, Abu Dhabi and Qatar ended the week with losses of 2.66%, 1.15% and 0.52% respectively.
Meanwhile, the Saudi Arabian bourse and the Dubai Financial Markets grew by 1.79% and 0.55% over the week, respectively.
Back on the Beirut Stock Exchange, the banking sector accounted for 45% of the total traded value this past week. BLOM Bank’s listed shares added 1.26% to $12.10 and Bank Audi’s GDR and listed shares increased by 1.33% and 2.99% to end the week at $6.88 and $6.90, respectively.
Byblos Bank’s listed shares also gained 0.58% to settle at $1.74.
As for the BLOM Preferred Shares Index (BPSI), it rose by a weekly 0.05% to 106.15 points mainly on account of the 0.49% uptick in the price of BLOM Bank’s Preferred 2011 shares to $10.35. Bank Audi’s Preferred I shares however slipped by a weekly 0.10% to $101.20.
In the real estate sector, which accounted for 54% of total traded value this week, Solidere A and B shares decreased by 0.33% and 0.68% to $8.99 and $8.80, respectively.
In the industrial sector, Holcim’s listed shares lost 0.86% to end the week at $11.50.
On the London Stock Exchange (LSE), the GDR shares of Bank Audi increased by 0.15% to $6.81 and those of Solidere gained 0.11% to $9.19. Meanwhile BLOM Bank’s GDRs lost 0.39% to $12.70.
Investors are keeping a keen eye on the new budget developments and are standing by now that the budget awaits the Parliament’s approval.
