Lebanese Solidere Shares Fall Below $5
The locally traded shares of Lebanon’s Solidere fell below $5 for the first time ever on the Beirut bourse Monday as economic recession and regional instability continued to depress sentiment, said The Daily Star.
The real estate and development company’s A shares, which were issued as compensation to downtown property owners after the civil war, fell 2.5 percent to $4.875 as only 25 shares changed hands, the daily said.
According to the paper, the drop means that the A shares are now trading some 67 percent below the peak of $14.75 that they reached in October 1997.
The business of Solidere is the reconstruction and development of Beirut's city center.
Solidere shares trade on the Beirut Stock Exchange. In addition, Solidere GDRs are traded on the London Stock Exchange - Albawaba.com
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