Activity on the Beirut Stock Exchange (BSE) slowed down this week with the number of shares changing hands contracting to 106,202 shares from 650,340 shares last week. Similarly, value traded dropped to $1.20 million this week, from $5.83 million a week before. Trades were mainly concentrated in real estate stocks, which accounted for 58.92% of weekly traded volume.

The average daily traded volume also dropped to 26,551 shares this week, from 216,780 shares in the previous week. Moreover, the average daily traded value fell to $0.30 million, from around $1.94 million a week earlier.

Three gaining and three losing stocks were screened this week, dragging the BSE’s market capitalization shyly lower by 0.16% week-on-week to around $6.71 billion. The Credit Libanais Aggregate Stock Index (“CLASI”) contracted by 0.19% week-on-week to 643.17.

In the real estate sector, trades mainly consisted of Solidere “A” and “B” shares (58.92% of weekly traded volume), with the price of Solidere “A” rising by 1.35% week-on-week to $18.75 and that of Solidere “B” improving by 0.66% to $18.41. The price of Holcim shares, however, contracted by 9.45% to $13.13. Consequently, the Credit Libanais Construction Sector Stock Index (“CLCI”) ended Friday’s session 0.18% higher on a weekly basis at 963.64.

In the banking sector, Byblos Bank listed shares amassed the highest concentration of trades (27.62% 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 down by 0.74% at 422.42. The weekly drop in the CLFI owes to the 1.64% contraction in the price of Bank Audi listed shares to $1.20, the 5.66% fall in the price of Byblos Bank listed shares to $0.50 which outweighed the 9.09% rally in the price of Bank Audi GDRs to $1.20.

The market-cap weighted average price to book value (P/BV) multiple of listed stocks ended its week up at 1.159 based on the closing prices of Friday’s session compared to 1.156 in the previous week.