Demand for BoB lifts trading
Activity on the Beirut Stock Exchange considerably improved last week, for the second consecutive week, and was propelled by demand for the stock of Bank of Beirut (BoB). The market ended the last full trading week of the year on an upward note with a significant boost in trading volume and turnover, as well as with two stocks closing higher. On a weekly basis, volume increased 478.5 percent to 1.29 million shares and turnover rose 491 percent to $8 million.
Trading in Solidere stock receded. The firm’s “A” shares closed unchanged at $6.5 while “B” shares gained 3.5 percent to end the week at $7.375. A total of 67,106 shares changed hands for a value of $438,849 compared to a volume of 201,634 shares and a turnover of $1.31 million shares for the previous week.
Bank stocks accounted for 92 percent of turnover on the bourse for the week. BoB dominated trading on the bourse with $7.43 million in turnover. Audi and Byblos were also active, but all bank stocks maintained their previous prices.
Ciments Libanais gained 8.8 percent on nearly 200,000 traded shares and closed at $0.4063. Adding to the activity was a block trade of 61,854 shares in Ciments Blancs nominal tock at $2.25 per share.
Lebanese GDRs were mostly down. Blom lost 1 percent, BLC shed 1.5 percent and Solidere dropped 3.2 percent. The Lebanon Invest Bank Stock Index (LISPI) ended the week at 64.43, up 0.52 percent from the previous week’s closing of 64.10. The Lebanon Invest Bank Stocks Index (LIBX) ended the week at141.72, up 0.22 percent from the previous week’s closing of 141.42. ¯ ( Lebanon Invest )