Demand for Solidere lifts Lebanese bourse
Activity on the Beirut Stock Exchange improved significantly in the week ending January 19, as it was propelled by demand for Solidere’s stock. Solidere dominated activity, accounting for 87 percent of volume and almost 91 percent of value traded. Market players waiting the new draft budget seem to have been encouraged by the clearly pro-growth fiscal approach as well as by news of a possible breakthrough in the regional peace process. But it remained to be seen if this week’s levels can be sustained in the long run given the prevailing political tensions. On a weekly basis, volume rose by 1,271 percent to 667,613 shares and turnover increased 1,609 percent to $4.33 million.
Solidere’s stock was the main beneficiary and only mover for the week. The firm’s “A” shares rose 3.9 percent to close at $6.625 and “B” shares gained 1.9 percent to end the week at $6.875. A total of 578,768 shares changed hands for a value of $3.93 million compared to a volume of 36,737 shares and a turnover of $235,190 for the previous week.
Bank stocks contributed 9 percent of turnover on the bourse for the week. All bank stocks maintained their previous prices for the third consecutive week.
Industrials firm Ciments Libanais saw light activity without a change in price as 19,200 shares changed hands.
Lebanese GDRs were mixed, as Solidere jumped 7.9 percent and Audi dropped 2.7 percent while Blom and BLC were marginally unchanged for the week. — ( Lebanon Invest )
© 2001 Mena Report (www.menareport.com)