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5th October 2008
Beirut bourse loses ground as investors fret storm clouds in US markets
Monday, September 29, 2008
BEIRUT: Local trading on the Beirut Stock Exchange this past week was still governed by the adverse situation of the US financial markets as traders remained watchful, awaiting the finalization of the US Fed's $700 billion bailout plan and the respective consequence on their portfolios.
This was reflected domestically by thin trading activity as the total traded volume and value dropped by 14.90 percent and 13.60 percent to 1.06 million shares and $28.27 million respectively. However, the BLOM Stock Index (BSI) increased slightly to 1745 (with a year to date increase of 16.2 percent) on the appreciation of Solidere stocks that make up the bulk of trading activity.
Out of the 26 listed stocks, 13 stocks were traded, of which seven stocks increased, four were unchanged and two went down. Among the three listed funds, Beirut Lira Fund and Beirut Golden Income were traded. Solidere stocks represented 84.8 percent of total trading value, whereas the banking sector constituted the remaining 15.2 percent
In the banking sector, BLOM GDR went down by 3.11 percent to $92.05 registering a volume of 20,520 shares valued at $1.9 millin. As for Audi Bank, its preferred "Class C" share saw a single trade of 3,787 shares at $96,969 that increased its price by 2.44 percent to $25.61. On the other hand, Audi GDR dropped by 3.72 percent to $81.45 representing a volume of 11,685 shares worth $965,661. Byblos Bank common and priority stocks increased by 1.35 percent and 1.74 percent to $2.25 and $2.34 respectively. The former recorded a volume of 78,276 shares at $179,630, and the latter had a volume and value of 21,879 shares and $51,454. Moreover, Byblos preferred share rose by 2.36 percent to $104 marking a volume of 1,214 shares priced at $125,356. Regarding Bank of Beirut, its common and preferred "Class C" both underwent sole trades that stabilized their prices at $16.90 and $25.50 respectively. Bank of Beirut's common share had a volume of 3,000 shares and a value of $50,700 and its preferred Class C realized a volume of 4,000 shares at $102,000. Its preferred share "Class D" maintained also its price at $25.30 on a volume of 3,400 shares valued at $86,020. BEMO stock's price increased by 8.70 percent to $5.00 on a day trade of 84,148 shares worth $420,740.
The bank's preferred shares index went up by 0.61 percent to 102.14 compared to last week's closing of 101.52
Internationally, both BLOM and Audi GDRs declined by 2.47 percent and 3.53 percent to $90.70 and $82.00 respectively.
Solidere stocks A and B witnessed minor increases this week as Solidere A gained 2.02 percent to close at $28.83 with a turnover of 676,007 shares at $19.7 million. Solidere B also grew by 1.42 percent to $28.52 realizing a volume of 148,539 shares at $4.29M
On the London Stock Exchange market, Solidere GDR fell by 2.68 percent to $29.0.
Within the manufacturing sector, Holcim's price remained unchanged at $18 following trades of 1,412 shares valued at $25,571
Out of the three listed funds, Beirut Lira Fund and Beirut Golden Income both had single trades that slightly increased their prices by 0.39 percent and 0.37 percent to LL103,900 and LL109,300 respectively. The former recorded a volume of 2,400shares at LP 249,360,000 while the latter had trades of 1,500 shares at LP163,950,000.
BlomInvest Bank's the Lebanon Brief |
