Activity for the Beirut Stock Exchange was subdued for the week, with sentiment still in a wait-and-see mode, as markets await draft budget activity.
Despite several key decisions taken by the government to restore confidence and stimulate the economy, market players are likely to wait for the 2001 draft budget to get an overall picture of fiscal priorities. On a weekly basis, volume increased 40.35 percent to 141,880 shares, but turnover dropped 42.2 percent to $306,355.
Trading in Solidere’s stock accounted for 57 percent of turnover as trading in the company’s stock slightly declined. The firm’s “A” shares closed down 3.7 percent at $6.5 while “B” shares lost 5.1 percent to end the week at $7. A total of 26,615 shares changed for a value of $173,918 compared to a volume of 55,607 shares and a turnover of $383,390 for the previous week.
Bank stocks contributed 27 percent of turnover on the bourse for the week. Byblos was the only mover, gaining 7.7 percent to $1.75 on light trading. Other bank stocks maintained their previous prices.
Trading in Ciments Libanais accounted for 69 percent of aggregate volume, but its stock price remained unchanged. Bou Khalil Markets traded nearly 4,000 shares on the junior market, but its stock price was steady at $1.5.
Lebanese GDRs were on the downside. Blom and BLC lost 3.5 percent and 2.9 percent respectively, while Solidere dropped 1.9 percent for the week.
The Lebanon Invest Bank Stock Index (LISPI) ended the week at 64.10, down 0.68 percent from the previous week’s closing of 64.54.
The Lebanon Invest Bank Stocks Index (LIBX) ended the week at141.72, up 0.29 percent from the previous week’s closing of 141.32. – ( Lebanon Invest )