Activity on the Beirut Stock Exchange (BSE) was dynamic this week, with the number of shares changing hands skyrocketing to 12,098,916 shares from 92,864 shares last week amid heavy trading of banking stocks. Value traded was no exception, soaring to $16.40 million, from $0.83 million a week before. Trades were mainly concentrated in banking sector stocks, which accounted for 98.48% of weekly traded volume.

The average daily traded volume rose to 2,419,783 shares this week, from 23,216 shares in the previous week. In addition, the average daily traded value increased to $3.28 million, from around $0.21 million a week earlier.

Three gaining and two heavily-weighted losing stocks were screened throughout the week, dragging the BSE’s market capitalization down by 0.34% week-on-week to $6.14 billion and the Credit Libanais Aggregate Stock Index (“CLASI”) down by 0.43% to 556.57.

In the real estate sector, trades mostly consisted of Solidere “A” and “B” shares (1.50% of weekly traded volume), with the price of Solidere “A” soaring by 9.90% to $9.99 and that of Solidere “B” increasing by 1.65% to $9.25. In addition, the price of Ciment Blancs nominal shares rose by 5.45% to $2.90. Consequently, the Credit Libanais Construction Sector Stock Index (“CLCI”) ended its week 5.90% higher at 520.04, noting that it hit a year high of 532.86 on Thursday.

In the banking sector, Bank Audi listed shares amassed the highest concentration of trades (76.53% of total BSE traded volume) on a thin turnover ratio of 1.57%. The Credit Libanais Financial Sector Stock Index (“CLFI”) ended Friday’s session down by 3.88% on a weekly basis at 571.30 as a result of the 10.00% contraction in the price of Bank Audi listed shares to $1.35 and the 7.41% drop in the price of Byblos Bank listed shares to $0.75.

The market-cap weighted average price to book value (P/BV) multiple of listed stocks ended its week higher at 0.577 based on the closing prices of Friday’s session.