Negative Performance Characterized the Beirut Stock Exchange this Week
Despite the heavy activity on the Lebanese Bourse this week, the BLOM Stock Index (BSI) registered a weekly decrease of 1.08% to 1,191.57 points, with a 1.82% year-to-date gain.
Average daily traded volume went up to 128,093 shares worth $2.46M compared to 125,245 shares worth $1.46M last week. Market capitalization narrowed from $10.14B to $10.03B.
On a comparative scale, the BSI lagged the S&P Pan Arab Composite Large-Mid-Cap Index, which gained 0.16%, since last week. The S&P AFE 40 Index and the Morgan Stanley Emerging Markets Index (MSCI) both lost 0.09% and 0.30%, respectively.
On the regional front, Egypt’s Stock Exchange was the best performer, surging 8.25%, after the government halted the plan for a 10% capital gains tax for 2 years. Amman’s and Dubai’s bourses followed edging up 1.44% and 1.13%, respectively.
In contrast, Tunisia’s Stock Market was the worst performer, dropping 1.15%, followed by Bahrain’s and Qatar’s Stock Markets that decline 0.88% and 0.58%, respectively.
Back to Lebanon, the banking sector grasped 87.07% of total traded value, while the real estate sector contributed to the remaining 12.93%.
In the banking sector, Audi listed shares and Byblos listed shares dropped 1.13% and 7.43% to close the week at $6.12 and $1.62, respectively.
The BLOM Preferred Shares Index (BPSI) declined by 0.46% to 104.44 points, on the back of Byblos preferred shares 2008 and 2009 dropping 2.34% and 2.24% to $100.20 and $100.30, respectively. Meanwhile, Audi preferred shares class “G” and BLC preferred shares class “C” added 0.30% and 1% to $100.30 and $101, respectively.
The real estate sector also experienced a negative performance, where Solidere shares classes “A” and “B” lost 0.09% and 0.95% to close the week at respective quotes of $11.50 and $11.41.
Looking ahead, the performance of the Beirut Stock Exchange may improve on the positive investor sentiment created by the near-completion of the 2015 budget discussions at the council of ministers.
