The BSI Slightly Up This Week Despite the Postponement of Talks on Nominating New Prime Minister
The BLOM Stock Index (BSI) compiled by BLOMInvest Bank on a daily basis recorded a weekly uptick of 0.67% to reach 618.42 by the week ending October 16, 2020 and the Market capitalization on the Beirut Stock Exchange (BSE) increased by 0.67% to reach $6.34B on October 16. Moreover, the average volume and value of trades this week totaled 44,543 shares worth $661,416 traded, compared to 30,379 shares worth $264,524 traded last week.
Regionally, the major Arab markets witnessed a positive activity this week. In details, the MSCI Emerging Markets Index, S&P AFE 40 Index and the S&P Pan Arab Composite Large Mid Cap Index rose by 0.28%, 0.72% and 1.12%, respectively.
In the Arab World, the bourses of KSA, Bahrian and UAE were the week’s top gainers rising by 1.68%, 1.223% and 0.98%, respectively. Meanwhile the bourses of Qatar and Egypt were the week’s top loser retreating by 0.33% and 0.04%, respectively.
On the Beirut Stock Exchange (BSE), Lebanon’s real estate sector grasped the lion’s share of the BSE’s trading value with a stake of 98.85%. The banking and industrial sectors grasped the remaining share of 1.04% and 0.11%, respectively. The most noteworthy trades throughout the week included:
- Solidere “A” shares, which rose by a weekly 1.67% to $15.85/share.
- Solidere “B” shares rose by 2.39% to $15.87
- Ciments Blancs (N) shares dropped by 7.89% to $3.89
- Blom GDR shares declined by 7.69% to $2.76.
As for the BLOM Preferred Shares Index (BPSI), it remained unchanged this week and reached 48.75 points .
On the London Stock Exchange, Audi GDR shares rose weekly by 22.58% to reached $0.38 .
Lebanon has plunged into financial turmoil and seen the value of the Lebanese pound collapse. The COVID-19 pandemic and a huge explosion at Beirut’s port two months ago compounded the crisis and pushed many Lebanese into poverty. Lebanon’s President Michel Aoun has postponed by a week consultations aimed at choosing a prime minister to form a new government to tackle the country’s worst economic crisis. The activity on the BSE will remain weak until serious economic and political change is made.
