BSE activity recedes amid regional uncertainty
Activity on the Beirut Stock Exchange receded for the week ending November 17. The ongoing regional tension as well as disappointing fiscal results for the year-to-October combined to dampen sentiment.
Solidere continued to dominate trading, accounting for 63 percent of volume and 80 percent of turnover. On a positive note, the new government’s first steps suggest that lifting the economy from recession through a growth-oriented policy is its paramount priority.
On a weekly basis, volume increased 2,065 percent to 7.1 million shares while value rose 2,683 percent to $49.52 million. Excluding Solidere’s OTC block trades of last week, volume dropped 33 percent to 69,692 shares and turnover fell 25.3 percent to $388,961.
Trading in Solidere’s stock on the trading floor maintained last week’s level but closing prices were mixed. The firm’s share prices declined as “A” shares gained 1.8 percent to close at $7 while “B” shares lost 1.67 percent to end the week at $7.375.
A total of 43,917 shares changed hands for a value of about $380,000 compared to a volume of 42,060 shares and a turnover of $301,345 for the previous week.
Bank stocks contributed 16.5 percent of turnover on the bourse for the week. Byblos was the only mover for the second consecutive week, rising 4.9 percent to $2. All other bank stocks maintained their previous prices.
Ciments Libanais shed 7.1 percent to close at $0.4063 on 13,000 traded shares. Lebanese GDRs posted marginal declines, with Solidere losing 1.1 percent.
The Lebanon Invest Bank Stock Index (LISPI) ended the week at 64.98, up 0.09 percent from the previous week’s closing of 64.92.
The Lebanon Invest Bank Stocks Index (LIBX) ended the week at 142.13, up 0.33 percent from the previous week’s closing of 141.82.— ( Lebanon Invest )