Activity on the Beirut Stock Exchange (BSE) accumulated steam during the week ended March 24 with the number of shares changing hands rising to 279,939 shares from 191,719 shares in the week before and value traded increasing to $15.42 million compared to $13.30 million a week earlier. Trades were mainly concentrated in real estate sector stocks, which accounted for 61.77% of weekly traded volume.

The average daily traded volume rose to 55,988 shares during the concerned week, from 38,344 shares in the week before with the average daily traded value increasing to $3.08 million, from around $2.66 million a week earlier.

Three gaining and two losing heavy market cap-weighted stocks were screened throughout the week, dragging the BSE’s market capitalization down by 10.73% week-on-week to around $18.48 billion and the Credit Libanais Aggregate Stock Index (“CLASI”) lower by 11.24% to 1,977.28.

In the real estate sector, trades mainly consisted of Solidere “A” and “B” shares (60.67% of weekly traded volume), with the price of Solidere “A” dropping by 12.65% week-on-week to $85.60 and that of Solidere “B” decreasing by 15.50% to $84.50. On the other hand, the price of Ciments Blancs Nominal shares increased by 13.73% w-o-w to $14.50. Consequently, the Credit Libanais Construction Sector Stock Index (“CLCI”) closed Friday’s session 13.10% lower on a weekly basis at 4,240.72.

In the banking sector, Byblos Bank listed shares amassed the highest concentration of trades (30.17% of total BSE traded volume) with a thin turnover ratio of 0.015%. The Credit Libanais Financial Sector Stock Index (“CLFI”) rose by 0.43% w-o-w to 513.87 amid the 1.39% appreciation in the price of Byblos Bank listed shares to $0.73 and the 0.67% rise in the price of Bank Audi listed shares to $1.51.

The market-cap weighted average price to book value (P/BV) multiple of listed stocks ended its week lower at 6.716 based on the closing prices of Friday’s session, down from 7.915 in the previous week.