Activity on the Beirut Stock Exchange (BSE) improved during the week of March 22 with the number of shares changing hands rising to 302,501 shares from 98,117 shares in the week before and value traded increasing to around $5.94 million compared to $2.89 million a week earlier. Trades were mainly concentrated in banking sector stocks, which accounted for 73.89% of weekly traded volume.

The average daily traded volume increased to 60,500 shares during the concerned week, from 19,623 shares in the week before with the average daily traded value rising to $1.19 million, from around $0.58 million a week earlier.

Five gaining and two losing stocks were screened throughout the week, lifting the BSE’s market capitalization up by 0.67% week-on-week to around $17.40 billion and the Credit Libanais Aggregate Stock Index (“CLASI”) higher by 0.71% to 1,857.39.

In the real estate sector, trades mainly consisted of Solidere “A” and “B” shares (20.73% of weekly traded volume), with the price of Solidere “A” dropping by 1.27% week-on-week to $74.00 while that of Solidere “B” increased by 0.55% to $72.60. Conversely, the price of Holcim Liban shares rose by 0.08% w-o-w to $59.65. Consequently, the Credit Libanais Construction Sector Stock Index (“CLCI”) closed Friday’s session 0.50% lower on a weekly basis at 3,957.13.

In the banking sector, Byblos Bank listed shares amassed the highest concentration of trades (45.14% of total BSE traded volume) with a thin turnover ratio of 0.024%. The Credit Libanais Financial Sector Stock Index (“CLFI”) closed Friday’s session 6.57% higher w-o-w at 564.44 amid the 24.56% appreciation in the price of BLOM Bank listed shares to $3.50, the 16.67% increase in the price of BLOM Bank GDRs to $3.50 and the 3.45% rise in the price of Bank Audi GDRs to $1.20, altogether outweighing the 1.72% contraction in the price of Byblos Bank listed shares to $0.57.

The market-cap weighted average price to book value (P/BV) multiple of listed stocks ended its week lower at 5.736 based on the closing prices of Friday’s session, down from 5.823 the week before.