Activity on the Beirut Stock Exchange (BSE) slowed down this week with the number of shares changing hands contracting to 407,403 shares from 427,754 shares last week. Similarly, value traded dropped to $4.83 million this week, from $5.07 million a week before. Trades were mainly concentrated in real estate stocks, which accounted for 69.31% of weekly traded volume.

The average daily traded volume, however, improved to 101,851 shares this week, from 85,551 shares in the previous week. Moreover, the average daily traded value advanced to $1.21 million, from around $1.01 million a week earlier.

Seven gaining and no losing stocks were screened this week, lifting the BSE’s market capitalization up by 2.14% week-on-week to around $6.43 billion. The Credit Libanais Aggregate Stock Index (“CLASI”) improved by 2.46% week-on-week to 611.39.

In the real estate sector, trades solely consisted of Solidere “A” and “B” shares (69.31% of weekly traded volume), with the price of Solidere “A” rising by 4.49% week-on-week to $16.98 and that of Solidere “B” improving by 3.33% to $16.75. Consequently, the Credit Libanais Construction Sector Stock Index (“CLCI”) ended Friday’s session 3.63% higher on a weekly basis at a year-high of 884.70.

In the banking sector, Bank Audi GDRs amassed the highest concentration of trades (15.22% of total BSE traded volume) with a very thin turnover ratio of 0.01%. The Credit Libanais Financial Sector Stock Index (“CLFI”) closed its week up by 0.93% at 421.87. The weekly increase in the CLFI owes to the 7.84% rally in the price of Bank Audi GDRs to $1.10, the 0.83% improvement in the price of Bank Audi listed shares to $1.22, the 0.98% rise in the price of BLOM Bank Listed shares to $2.07 and the 0.50% increase in the price of BLOM Bank GDRs to $2.01.

The market-cap weighted average price to book value (P/BV) multiple of listed stocks ended its week up at 1.051 based on the closing prices of Friday’s session compared to 1.014 in the previous week.