| Trading slows on Beirut Stock Exchange amid global recession |
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| Monday,March 02,2009 Posted: 15:53 BJT(0753 GMT) net |
02 March 2009
BEIRUT: It was a relatively slow week on the Beirut Stock Exchange (BSE) as investors maintained their weary positions in the wake of further adverse economic data originating from global markets. Total traded value dropped more than 80 percent to $1.4 million reflecting a 50 percent decline in volume to 660,000. Consequently, the Blom Stock Index (BSI) retreated 1.82 percent to 1067 with a year to date drop of 9.5 percent.
Out of the 26 listed stocks on the BSE, 11 were traded this week of which four increased, five went down and two maintained their price.
Solidere stocks accounted for only 40 percent of the total traded value, while the banking sector represented the remaining 60 percent.
In the banking sector, BLOM bank went down this week for both its GDR and listed shares. The former fell 0.75 percent to $66.5, trading over 2,266 shares valued at $149,471, whereas the latter tumbled 8.96 percent to close at $66.5, recording a volume of 18,500 shares worth $1.13 million.
Audi Bank's GDR stock recorded a minor increase of 0.56 percent to $44.75 following trades of 8,887 shares with a value of $398,728. On the other hand, its listed stock fell by 4.69 percent to $40 on a weekly basis, extending its yearly decline to 23 percent.
Byblos bank saw its common stock rise by 0.61 percent to $1.66 after trades of 644,950 shares valued at $1.07 million. Byblos priority maintained its price at $1.69 despite trades of 33,832 shares worth $55,322. Moreover, the bank is currently the best yearly achiever with 3.75 percent year to date (YTD) rise for its common share and 3 percent rise for the priority.
As for Byblos preferred Class 2008, it also exchanged hands this week as it underwent a single trade of 770 shares with a value of $73,920, causing a price fall of 1.03 percent to $96.
Bank of Beirut maintained its price after registering a unitary trade of 2,900 shares at $52,490.
The banks' preferred share index (BPSI) fell this week by 0.22 percent to 102.69, up from 102.92 recorded a week earlier.
In international markets, BLOM GDR maintained its price at $65 after 1,139 shares were traded at $70,000. However, Audi GDR's mid-price gained a minor 0.04 percent to close at $44.62.
Solidere stocks recorded mixed results this week as Solidere A declined by 0.89 percent to $15.67 and Solidere B went up by 0.64 percent to $15.67 and $15.8 respectively. The former recorded trades of 88,981 shares at $1.4 million while the latter had a volume of 42,317 shares worth $663,474.
On a monthly basis, the developer added 8 percent to its A share quote and 9.8 percent for its B share, contracting its YTD decline to 5.26 percent and 5.4 percent respectively.
On the London Stock Exchange, Solidere GDR dropped 1.87 percent to $14.72 following trades of 39,772 shares worth $600,000.
The Beirut Preferred Fund increased slightly this week by 0.4 percent to $101.2 after a day trade of 20 shares was registered with a value of $2,024.
Activity on the BSE is likely to remain weak with the deepening global recession. New entrants to the local equity market and bargain hunters are still waiting for the 'bottom' of the BSI in order to step into the market. - BlomInvest Bank's The Lebanon Brief, with The Daily Star
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