Lebanon’s market activity in February affected by regional tension
Activity on the Beirut Stock Exchange regressed in February compared to January, the second consecutive monthly decline. Aggregate volume dropped by 2.8 percent to 905,134 shares and value fell 35 percent to $3.69 million, of which 90 percent were in Solidere stock.
Overall activity was low compared favorably to the $19.9 million in turnover registered in February of last year. The start of administrative reforms and privatization are unlikely to have an immediate positive impact on trading activity as investors’ sentiment remains correlated with the rising regional instability and continuing tension in the South.
On a weekly basis, volume rose 129 percent to 320,096 shares and turnover increased by 7 percent to $660,292. Solidere’s stock was mixed in low activity. The firm’s “A” shares rose 6.82 percent to $5.88 while “B” shares ended the week unchanged $6.125. A total of 71,798 shares changed hands for a value of $419,094 compared to a volume of 104,596 shares and a turnover of $584,791 for the previous week.
Bank stocks contributed 5 percent of turnover on the bourse for the week. Byblos was the only mover, losing 1.82 percent to $1.69.
Trading in Ciments Libanais accounted for 62 percent of volume, with a rise in trading activity that accounted for the rise in volume for week. Its stock price was unchanged at $0.406. Investment fund Lebanon Holdings saw 39,000 shares exchanged.
All Lebanese GDRs traded downwards. Blom lost 3.63 percent while Audi dropped 1.54 percent. Solidere and BLC shed 1.29 percent and 0.5 percent respectively. — ( Lebanon Invest )
© 2001 Mena Report (www.menareport.com)