FROM SCRATCH NEWSWIRE

SCAVENGING THE INTERNET

BEIRUT BOURSE TRACKS LOSSES ABROAD (Lebanon)

Posted by Gilmour Poincaree on December 8, 2008

Monday, December 08, 2008

BlomInvest, with The Daily Star

PUBLISHED BY ‘THE DAILY STAR’ (Lebanon)

BEIRUT: With the deepening world recession, the Beirut Stock Exchange (BSE) continued to mimic the performance regional Arab stock exchanges that on average have fallen around 43 percent from the start of the year.

On a weekly basis, total volume of trades increased 48 percent to 1.29 million shares as investors rushed to liquidate their portfolios. But the corresponding value decreased 33 percent to $10.29 million on declining share prices that sank the BLOM Stock Index to a 52-week low of 1,183 with a year-to-date drop of 21 percent.

Of the 26 listed stocks on the Beirut Stock Exchange, 11 stocks exchanged hands this past week, of which 2 went up and 9 decreased. Solidere stocks represented 64.9 percent of the total value traded.

The banking sector accounted for the remaining 35.1 percent. In the banking sector, BLOM GDR dropped this week by 2.08 percent to $68.4 after trading 7,830 shares at $533,187. Audi Bank’s GDR stock went down by 3.65 percent to close at $54.1 following trades of 9,460 shares with a value of $518,676. Byblos Bank’s common stock increased slightly this week by 0.61 percent to $1.65 recording a volume of 566,400 shares valued at $939,953. On the other hand, its preferred stock class 2008 dropped by 2 percent to $97.9. Solidere stocks remained vulnerable this week as its A shares dipped 4.58 percent to close at $16.66, Solidere B also dropped 2.65 percent to $16.87.

As described last week, the overall situation on the Beirut Stock Exchange remains volatile and vulnerable to the ongoing financial crisis.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE DAILY STAR’ (Lebanon)

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