BSI Starts the Year with an Upturn
The BLOM Stock Index (BSI) recorded a rise of 1.47% in the past two weeks to reach 1,161.43 points on January 5, 2018. Accordingly, the market capitalization reached $10.58B this, up from $10.43B, on December 22, 2017.
In fact, an average of 64,899 shares worth $599,261 was traded during the week compared to 720,074 shares worth $10.24M traded in the week ending December 22.
Regionally, all three major equity indices improved. In details, the MSCI Emerging Markets Index added 5.13% over the past 2 weeks. Similarly, the S&P Pan Arab Composite Large Mid Cap Index as well as the S&P AFE40 registered respective weekly upticks of 1.70% and 2.41%.
In the previous 2 weeks, all Arab bourses ended the year on a positive note. The largest gainers during that period were the Abu Dhabi stock index, with a rise of 4.35%, followed by Bahrain and Dubai bourses with respective 3.71% and 2.78% upticks.
On the BSE, the banking sector grasped 54.44% of total traded value, while real estate stocks and the manufacturing sector accounted for the remaining shares of 39.61% and 3.05%, respectively.
In the real estate sector, during the same period, Solidere A shares rose by 0.88% to $8.05, while Solidere B’s shares recorded a decrease of 0.75% to $7.94 by the end of the week.
As for the manufacturing sector, HOLCIM recorded an increase of 0.28% from December 22 to $14.5, on January 5.
In the last two weeks, in the banking sector, BLOM Bank’s GDR and listed shares rose by 0.79% and 0.86%, to $12.70 and $11.70, respectively. Similarly, AUDI Bank’s GDR and Listed shares registered upticks of 1.03% and 4.17% to $5.90 and $5.99, respectively, this week. Byblos Bank listed shares increased from $1.56 to $1.59.
On the London Stock Exchange, BLOM Bank’s GDR shares registered a 1.6% rise to $12.70, when compared to 21 December 2017. However, during the same period, Bank Byblos GDRs and Bank Audi GDRs fell by 1.30% and 2.39%, to reach $76 and $5.71, respectively.
As for the BLOM Preferred Shares Index (BPSI), it recorded a 0.97% increase to 106.40 points on the back of Audi Pref I shares and Byblos Preferred 2009 recording respective weekly increases of 0.10% and 2.44% to $100 and $104.9.
The BSE is on the rise as a result of the January effect, where investors begin the year with a magnified appetite. As such, the upcoming release of the banks’ end of year results is likely to be the main driving force of the BSE in the weeks ahead.
