Mega block trade lifts volume on Beirut Stock Exchange
Activity on the Beirut Stock Exchange artificially improved last week, as two Solidere OTC block trades accounted for nearly 99 percent of the week’s trading.
The new government has started taking concrete steps to stimulate economic growth, but market players are likely to wait for results in order to actively trade significant volumes.
On a weekly basis, volume increased 2,065 percent to 7.1 million shares while value rose 2,683 percent to $49.52 million. But outside the OTC trade, volume reached 103,883 shares and turnover totaled $520,431.
Trading in Solidere’s stock regressed. The firm’s share prices declined as “A” shares closed down 5.17 percent at $6.875 while “B” shares dropped 1.64 percent to $7.5.
An OTC trade involving 5 million “A” shares and 2 million “B” shares took place at $7 per share. On the trading floor, a total of 42,060 shares changed hands for a value of $301,345 compared to a volume of 143,535 shares and a turnover of $1.1 million for the previous week.
Bank stocks contributed 39.5 percent of non-OTC turnover on the bourse for the week. Byblos was the only mover, rising 8.9 percent to $1.9. All other bank stocks maintained their previous prices.
Ciments Libanais gained 7.7 percent to close at $0.4375 on nearly 28,000 traded shares.
Lebanese GDRs were mixed with BLOM gaining 1.9 percent and Solidere losing 1.1 percent. — ( Lebanon Invest )