Activity on the Beirut Stock Exchange (BSE) grew significantly larger in the second week of 2020, with the number of shares changing hands burgeoning to 745,941, compared to 167,139 shares last week. Value traded was no exception, propelling to over $5.71 million, from $2.13 million a week before. Trades were mainly concentrated in real estate sector stocks, which accounted for 96.11% of weekly traded volume

The average daily traded volume rose to 186,485 shares this week, from 55,713 shares in the previous week. In addition, the average daily traded value widened to $1.43 million, from around $0.71 million a week earlier.

Two heavily capitalized losing and four gaining stocks were screened throughout the week, dragging the BSE’s market capitalization down by 4.54% week-on-week to $7.33 billion and the Credit Libanais Aggregate Stock Index (“CLASI”) lower by 5.50% to 683.63.

In the real estate sector, trades mainly consisted of Solidere “A” and “B” shares (95.71% of weekly traded volume), with the price of Solidere “A” rallying by 23.64% on a weekly basis to $8.42 and that of Solidere “B” skyrocketing by 24.44% to $8.40. Consequently, the Credit Libanais Construction Sector Stock Index (“CLCI”) ended its week 20.48% higher at 460.10.

In the banking sector, BEMO Bank listed shares amassed the highest concentration of trades (2.68% of total BSE traded volume) on a thin turnover ratio of 0.04%. The Credit Libanais Financial Sector Stock Index (“CLFI”) ended Friday’s session down by 12.51% on a weekly basis to 821.01, as a result of the 34.29% week-on-week drop in the price of Bank Audi listed shares to $2.30 coupled with some 34.84% contraction in the price of Bank Audi GDRs to $2.30, outweighing the 8.70% increase in the price of BEMO Bank listed shares to $1.25.

The market-cap weighted average price to book value (P/BV) multiple of listed stocks ended its week higher at 0.569x based on the closing prices of Friday’s session.