November activity on the BSE boosted by Solidere
Activity on the Beirut Stock Exchange jumped in November compared to October, boosted by a 7-million share block trade in Solidere stock. As a result, aggregate volume rose 845.2 percent to 7.49 million shares while value jumped from $3.28 million to $51.22 million, of which 99 percent were in Solidere stock.
Trading on the Beirut bourse is likely to be positively affected by the series of decisions the government is taking to restore confidence and revive the economy. One key decision was the approval of the law unifying bank shares. On a weekly basis, volume declined 30 percent to101,095 shares but turnover rose 112.4 percent to $530,034.
Trading in Solidere’s stock accounted for 55 percent of volume and 73 percent of turnover as trading in the company’s stock improved. The firm’s “A” shares closed unchanged at $6.75 while “B” shares gained 1.7 percent to end the week at $7.375. A total of 55,607 shares changed hands for a value of $383,390 compared to a volume of 22,275 shares and a turnover of $152,922 for the previous week.
Bank stocks contributed 36 percent of turnover on the bourse for the week. Bemo gained 3.6 percent to close at $3.625 on 31,746 traded shares, while Byblos shed 7.1 percent to $1.625. Other bank stocks maintained their previous prices.
Industrials firms Ciments Libanais and Ciments Blancs saw light activity without a change in price as
7,000 and 4,500 shares changed hands respectively.
Lebanese GDRs were largely unchanged, with the exception of Solidere that lost 3.7 percent for the week.
The Lebanon Invest Bank Stock Index (LISPI) ended the week at 64.54, up 0.17 percent from the previous week’s closing of 64.43.
The Lebanon Invest Bank Stocks Index (LIBX) ended the week unchanged at 141.32. ¯ ( Lebanon Invest )