Activity on the Beirut Stock Exchange (BSE) was at subdued levels this week with the number of shares changing hands dropping to 120,847 shares from 156,365 shares in the week before and value traded decreasing to $5.34 million compared to $7.72 million a week earlier. Trades were mainly concentrated in real estate sector stocks, which accounted for 75.66% of weekly traded volume.

The average daily traded volume fell to 30,212 shares this week, from 39,091 shares in the week before, with the average daily traded value also dropping to $1.34 million, from around $1.93 million a week earlier.

Three losing and one gaining stock were screened this week, dragging the BSE’s market capitalization down by 0.78% week-on-week to around $14.17 billion and the Credit Libanais Aggregate Stock Index (“CLASI”) by 0.84% to 1,509.24.

In the real estate sector, trades mainly consisted of Solidere “A” and “B” shares (65.02% of weekly traded volume), with the price of Solidere “A” dropping by 0.83% week-on-week to $59.40 and that of Solidere “B” rising by 1.19% to $59.35.  Concurrently, the price of Holcim Liban shares ended the week down by 16.39% to a market close of $25.00. Consequently, the Credit Libanais Construction Sector Stock Index (“CLCI”) closed Friday’s session 0.96% lower on a weekly basis at 2,965.17.

In the banking sector, a block trade on Bank of Beirut Preferred Shares Series “H” involving some 12,000 shares was reported this week (9.93% of total BSE traded volume). The Credit Libanais Financial Sector Stock Index (“CLFI”) closed Friday’s session 0.41% lower w-o-w at 542.77 amid the 6.67% drop in the price of Bank Audi GDRs to $1.40.

The market-cap weighted average price to book value (P/BV) multiple of listed stocks ended its week lower at 4.413 based on the closing prices of Friday’s session compared to 4.436 in the previous week.