Beirut Stock Exchange (BSE) activity calmed down during the week of January 24, as investors remain coy awaiting the formation of the new government. In details, the number of shares changing hands fell to 167,715 shares from 392,163 shares in the week before and value traded decreased to $5.38 million from $10.89 million a week earlier. Trades were concentrated in banking sector stocks, which accounted for 73.23% of weekly traded volume.

The average daily traded volume dropped to 33,543 shares during the concerned week, from 78,433 shares in the week before with the average daily traded value decreasing to $1.08 million, from around $2.18 million a week earlier.

Four gaining and one losing stock were screened throughout the week, lifting the BSE’s market capitalization up by 0.66% week-on-week to around $26.23 billion and the Credit Libanais Aggregate Stock Index (“CLASI”) higher by 0.68% to 2,872.18.

In the real estate sector, trades mainly consisted of Solidere “A” and “B” shares (26.39% of weekly traded volume) with the price of Solidere “A” shares rising by 2.14% w-o-w to $114.50 while that of Solidere “B” shares decreased by 3.28% to $115.00. Consequently, the Credit Libanais Construction Sector Stock Index (“CLCI”) closed Friday’s session 0.07% lower on a weekly basis at 6,064.35.

In the banking sector, Bank Audi listed shares amassed the highest concentration of trades (33.49% of total BSE traded volume) with a thin turnover ratio of 0.010%. The Credit Libanais Financial Sector Stock Index (“CLFI”) closed Friday’s session higher by 4.02% w-o-w at a new year high of 908.03 amid the 9.40% appreciation in the price of Byblos Bank listed shares to $1.28, the 7.14% increase in the price of Bank Audi listed shares to $3.00, and the 2.00% rise in the price of Bank Audi GDRs to $2.55.

The market-cap weighted average price to book value (P/BV) multiple of listed stocks ended its week lower at 9.268 based on the closing prices of Friday’s session, down from 9.328 the week before.