Despite declines, Lebanon’s market records healthy activity in December
Activity on the Beirut Stock Exchange receded in December compared to November 2000. As a result, aggregate volume dropped 78 percent to 1.68 million shares while value fell 81 percent to $9.92 million, of which 20 percent were in Solidere stock. Still, December activity compared favorably with the $3.3 million in turnover registered in December 1999; and given that November’s activity was boosted by a 7 million share block trade in Solidere stock.
Trading on the Beirut bourse is likely to be positively affected in the future by the series of decisions the government is taking to restore confidence and revive the economy. The first week of the new year was very quiet as volume totaled 26,135 shares and turnover reached $82,336.
Trading in Solidere’s stock accounted for 29.5 percent of volume and 60 percent of turnover as trading in the company’s stock was minimal. The firm’s “A” shares lost 3.8 percent to close at $6.375 and “B” shares shed 1.7 percent to end the week at $7.25. A total of 7695 shares changed hands for a value of $49,670.
Bank stocks contributed 36 percent of turnover on the bourse for the week. All bank stocks maintained their previous prices.
Industrials firms Ciments Libanais saw light activity without a change in price as 7,500 shares changed hands.
Lebanese GDRs were down, as Solidere lost 2.9 percent and Blom shed 1.9 percent for the week. — ( Lebanon Invest )
© 2001 Mena Report (www.menareport.com)