Demand for Solidere lifts trading on Beirut\'s stock exchange
Activity on the Beirut Stock Exchange considerably improved for the week and was propelled by demand for Solidere stock, with little trading in any of the other listed companies. Solidere accounted for 90 percent of total volume and almost 96 percent of aggregate turnover. But regardless of the current modest volumes on the stock market, the long-term picture looks promising.
The rapid succession of pro-business and pro-growth economic decisions taken by the government in the last few weeks, and with more in the pipeline, can only benefit confidence and improve sentiment. So it is not too soon to note that the economic glass, which was previously seen as half-empty, can be seen now as half-full. On a weekly basis, volume increased 57.8 percent to 223,888 shares but turnover rose 348 percent to $1.37 million.
Solidere’s “A”shares closed unchanged at $6.5 while “B” shares gained 1.8 percent to end the week at $7.125. A total of 201,634 shares changed hands for a value of $1.31 million shares compared to a volume of 26,615 shares and a turnover of $173,918 for the previous week.
Bank stocks contributed a mere 4 percent of turnover on the bourse for the week. Byblos was the only mover, losing 5.4 percent to $1.65 on light trading. Other bank stocks maintained their previous prices.
Ciments Libanais lost 7.7 percent on 10,000 traded shares and closed at $0.375.
Blom was the only gainer among GDRs and improved 1.9, while BLC and Solidere dropped 2.3 percent and 1.9 percent respectively.
The Lebanon Invest Bank Stock Index (LISPI) ended the week unchanged at 64.10. The Lebanon Invest Bank Stocks Index (LIBX) ended the week at141.42, down 0.21 percent from the previous week’s closing of 141.72. — ( Lebanon Invest )