Home  Business Political wrangling causes price slump on Beirut Stock Exchange |
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Political wrangling causes price slump on Beirut Stock Exchange |
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Written by The Daily Star
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Last week's negative sentiments prevailing on the Beirut Stock Exchange (BSE) pilled over to this week as a result of political bickering over the presidential election.
The performance of the BSE continued to deteriorate, as eight of the 11 traded stocks declined, sending the BLOM Stock Index downward by 1.68 percent to close at 1354.81 from last week, on a year-to-date change of 14.33 percent.
Total volume traded declined 72.5 percent compared to last week to reach 1,032,246 shares with a total value of $17,014,866, which represented a decrease of 17.71 percent. Of the 11 traded stocks, two went up, one was unchanged and eight closed in the red.
Solidere stocks increased their share of trading, accounting for 70 percent of the total value, with the remaining 30 percent going to banking shares.
In the banking sector, four banks remained active this week, with BLOM listed shares increasing 1.42 percent to close at $82.40 on a single trade of 2,000 shares with a value of $164,800. On the other hand, BLOM's global depositary receipt (GDR) decreased 4.10 percent to $86.40 on trades of 28,560 shares valued at $2.5 million. Audi's GDR followed suit with a decline of 5.76 percent, ending at $70.25 on a volume of 22,390 shares traded worth $1.62 million.
Byblos Bank witnessed trading in two of its shares, the common and priority. The former fell 5 percent to close at $1.90 and the latter dropped 3.43 percent to $1.97. Also in the banking sector, Bank of Beirut's common shares retreated 1.96 percent to $12.50.
With no activity registered in the preferred shares, the banks' preferred Shares Index (BPSI) stabilized at 101.54
On the London Stock Exchange (LSE), BLOM's GDR decreased 0.77 percent to $89.80, whereas Audi's GDR decreased 1.89 percent to $74.60.
In the real estate sector, Solidere shares declined relatively less than banks' shares, as Solidere A shares fell 1.28 percent to $18.54. On the other hand, Solidere B shares declined 2.24 percent to $18.36. On the international market, Solidere shares declined 0.26 percent to $18.65.
The industrial stock Holcim traded 1,800 shares during the week, decreasing its price 1.2 percent to $19.
Of the four listed Bank of Beirut funds, the dollar-denominated Beirut Global Income underwent a single trade of 114 shares at a value of $11,514, stabilizing its price at $101.
On the commercial front, a single trade of 10,000 Rymco shares occurred this week with a value of $12,600, increasing the stock's price 14.54 percent to $1.26.
The closing activity on the BSE mirrored last week's adverse performance driven by the political stalemate in the country that lowered the BLOM Stock Index for the second consecutive week, this time by 1.68 percent to close at 1354.81 by the end of the trading week. Interesting to note, this significant drop in the index was a result of the decline by 55 points from Wednesday's closing due to the dismal news regarding the presidential election. - BLOM Invest
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Madness takes over Lebanon.
Militants are fighting in the streets of Beirut. Military guns are on both sides. What is the prospect of such a situation. Aren't the Lebanese fed-up with wars?
23 November 2007
Lebanese President Emile Lahoud left the Baabda presidential palace without handing over the power to a new president. This is the first time since independence in 1943. |
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